Deferred Tax Provision
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 April 2010
During a year Normal provison for income tax is made in books for the amt of tax liability on accounting profit. At the same time either deferred tax asset is created or liability is created. for difference between tax liability on taxable income and tax liability as per accounting profit.
In next year when a payment of income tax is made what entries will be passed.
In next year when a payment of income tax is made what entries will be passed.
13 April 2010
Provision for Income tax a/c Dr xxxx
To bank/cash a/c xxxx
No need to be pass entries for deferred tax since there is no payment involved.
To bank/cash a/c xxxx
No need to be pass entries for deferred tax since there is no payment involved.
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