How to show tds recd.& income tax paid in pl a\c
This query is : Resolved
27 August 2013
Dear sir
Please help me
qustion for the F.Y-2011-12
TDS Deducted By party = 10
income tax paid = 2
Total = 12
income Tax payable = 12
how to show in profit & loss a\c
becoz income tax paid in sep-2012,when balancesheet will final 2012-13 than income tax amount stand Rs.2.how to provision,,,,,,
plz suggst me
Please help me
qustion for the F.Y-2011-12
TDS Deducted By party = 10
income tax paid = 2
Total = 12
income Tax payable = 12
how to show in profit & loss a\c
becoz income tax paid in sep-2012,when balancesheet will final 2012-13 than income tax amount stand Rs.2.how to provision,,,,,,
plz suggst me
27 August 2013
Income tax paid will Knock off the current liability which arises by provison for tax entry in previous year
.
.
entries is as follows
Dr.Current Tax(P&L A/c) 12
Cr.Provision for tax A/c 12
(being provision for tax 11-12)
Dr.Provision for tax A/c 12
Cr.TDS receivable 11-12 A/c 10
Cr.Income tax payable 11-12 2
Current year that CL will closes on payment of IT
Dr.Income tax payable 11-12 A/c 2
Cr.Bank A/c 2
.
.
entries is as follows
Dr.Current Tax(P&L A/c) 12
Cr.Provision for tax A/c 12
(being provision for tax 11-12)
Dr.Provision for tax A/c 12
Cr.TDS receivable 11-12 A/c 10
Cr.Income tax payable 11-12 2
Current year that CL will closes on payment of IT
Dr.Income tax payable 11-12 A/c 2
Cr.Bank A/c 2
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
- Price inclusive or exclusive of GST while made entry in P& L Account
- Minimum tax payable to file Updated return
- Tds on commission charges
- Applicability of GST on Salary Reimbursement Component
- TDS on Complimentary "Desi Ghee and Gold Coin" Provided to KBC Contestants
- Dep. as per companies act
- New GST registration for new place of business.
- Change Of Karta In Case of Death
- UDIN ISSUE
- Salary from Qatar in Dollars in India
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
Quick Links
ARTICLESHIP
18 September 2026
Industrial Trainee
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
ARTICLESHIP
07 September 2026
Article/ Paid Assistant
Murali and Sumeet Chartered Accountant
Bengaluru
CA Foundation
View Details
22 September 2026
Account Assistant
Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
View Details
Featured
11 September 2026
Audit Executive
RBSM Corporate Advisors Private Limited
Pune
CA
View Details
CCI
Pro
CAclubindia
