Impact of low provision of income tax in books

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 January 2015 Dear Expert,

Plz suggest me impact of low provision of income tax implication in books Ex
My actually Provision 50 but i book entry passed 48 but tax paid Rs.50 what is impact of Rs.2 diff is complete after assessment

I Passed JV
Provision of Tax 48
--------- 2
To SAT 50
Please suggest me Rs.2 Head and Impact

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Guest

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Guest (Expert)
06 January 2015 Either show it as a prior period expense or income tax paid account..It has no impact as it is not an allowable expense..

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Querist : Anonymous

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Querist : Anonymous (Querist)
06 January 2015 Grouping of prior period expenses in tally and how to nil prior period expenses in future year

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Guest

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06 January 2015 I didn't understand your point?? they would be charged to p&l account at the end of the year and would become nil automatically..


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