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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS 194-T applicability
- GST ITC REVERSE
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Putting a heading on received mail
- Consolidated financials
- Reprocessing of rectification order AY 2025-26
- Section 50-fixed asset-->building ceases to exist
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Regarding Applicability of Tax Audit u/s 44AB
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
