Finalization Entries

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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

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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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

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