How to determin provision for tax

Save Share

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 October 2013 dear all
can u tell me how to create provision for tax & related all journal entry IN TALLY ASAP

PROFIT MADE BEFORE TAXATION IN COMPANY Rs. 1,13,08,166/-
ADVANCE TAX DEPOSITED Rs. 28,57,000/-
TDS RECEIVABLE Rs. 8,39,920

ITS URGENT MAIL ME AT narendrarawat300@gmail.com

Ganeshbabu K

Ganeshbabu K (Expert)

03 October 2013 provision for tax is to be made for total tax liability
.
.
say tax on PBT=11308166*30.9%---(A)
Add: Interst 234A,234B,234C----(B)

Provision for tax is to be made for A+B

tds receivable will be parked as current asset entries would be as below

TDS RECEIVABLE F.Y.2012-13 A/c Dr.
DeductorA/c
(being tds receivable for the f.y accounted)

advance tax deposited to be accounted as below
.
.
Dr.advance tax F.Y.2012-13A/c -285700
Cr.Bank A/c

Later self assessment tax paid to be accounted simular to above

.
.
And then now we can close all these accounts by transfered to provision for tax account

Querist : Anonymous

Querist : Anonymous (Querist)

03 October 2013 sorry its correction it is profit before taxation Rs. 11308166
what is the interest rate ?
& what is the provision for tax

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now