Income Tax A/c in B/sheet for Ltd Co
This query is : Resolved
30 October 2010
dear sir,
If Income Tax A/c of earlier years are shown in the B/sheet and assessment are complete for that years and if refund is received - then how accounting entries are to be passed in the books of a ltd. company ?
thx in advance
anckoora
If Income Tax A/c of earlier years are shown in the B/sheet and assessment are complete for that years and if refund is received - then how accounting entries are to be passed in the books of a ltd. company ?
thx in advance
anckoora
30 October 2010
what is the provision of income tax and advance tax.
whatever adjust this for that year, and excess provision arises transfer to profit and loss a/c as " excess provision written back".
whatever adjust this for that year, and excess provision arises transfer to profit and loss a/c as " excess provision written back".
31 October 2010
Set off the accounts and pass the receipt Tax refund entry
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