Excess provision of income tax booked
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 July 2014
Dear Experts
We have booked excess provision of Income Tax by Rs 38 Lacs(approx.)in the Last year and we have adjusted that against Advance Tax of Current year by applying to the Deptt.
now what should be treatment to be given to the excess provision of Income Tax of Last year.
Whether the Provision with Excess Amount should be written back or any other treatment is to be given
We have booked excess provision of Income Tax by Rs 38 Lacs(approx.)in the Last year and we have adjusted that against Advance Tax of Current year by applying to the Deptt.
now what should be treatment to be given to the excess provision of Income Tax of Last year.
Whether the Provision with Excess Amount should be written back or any other treatment is to be given
06 July 2014
No issue with it it is below the line adjustement
.
.
write off this in books and show in financials under Profit before tax along with current tax,defered tax naming it as
.
.
Prior year tax
.
.
write off this in books and show in financials under Profit before tax along with current tax,defered tax naming it as
.
.
Prior year tax
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