Finalization Entries
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 November 2010
Dear Experts,
How pass Entry for Advance tax,TDS receiviable & write off at the time finalization by making Provision for Income Tax.
Pls clarify
How pass Entry for Advance tax,TDS receiviable & write off at the time finalization by making Provision for Income Tax.
Pls clarify
CMA Ramesh Krishnan
(Expert)
27 November 2010
My view,Advance tax, TDS receivable and provsion for Income tax need to keep yearly basis up to the final assessment order, once order received you can pass the follwing entry
Dr: Provision for Income tax
Cr: TDS receivable
Cr: Advance tax
Cr: Refund
Incase no refund the refund credit not apply
Dr: Provision for Income tax
Cr: TDS receivable
Cr: Advance tax
Cr: Refund
Incase no refund the refund credit not apply
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