Income tax entry

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 December 2014 PROVISION FOR INCOME TAX-RS.84000 (F.Y.-2012-13).
SELF ASSESSMENT TAX PAID IN F.Y.=13-14 (FOR F.Y.-12-13) RS.92510
INCOME TAX REFUND GOT IN F.Y.= 14-15 RS.3410 (FOR F.Y.-12-13)
WHAT WILL BE THE ENTRY FOR PROVISION FOR INCOME TAX FOR F.Y.-12-13, SELF ASSESSMENT TAX PAYMENT IN F.Y.-13-14 (FOR F.Y.-12-13) & INCOME TAX REFUND FOR F.Y.12-13 IN F.Y.-14-15 (RECEIVED)?

PRADEEP KUMAR VATS

PRADEEP KUMAR VATS (Expert)
Follow

27 December 2014 Dear

Entry will be

Provision for income tax dr 84000
Income tax refund due(FY...)dr 11920
{(92510-84000)+3410}
TO INCOME TAX PAYABLE 84000
TO SELF ASSESSMENT TAX 8510
TO INCOME TAX REFUND 3410
(BEING PROVISION FOR INCOME TAX BOOKED FOR THE FY......)

REGARDS
PRADEEP KUMAR

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
Follow

28 December 2014 Dear Mr. Pradeep, the journal entry will.

Entry required to made on the basis of return of income

Provision of Income Tax Dr 84,000/-
Income Tax Refundable for AY.. Dr 5,100/-
To Self Assessment Tax 92,510/-

On the date of Refund.
bank A/c Dr 3,410/-
To Income tax refund 3,410-interest
to Interest on income tax (if any) Interest

Note: balance of Rs.... (5100-3410+interest) will be standing on the book as still receivable or can be directly transferred to income tax adjustment ledger

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

ASHOK KUMAR TEKURU

Sidhartha sankar pillai

Pritanu Chakraborty

bhagat ram goyal

GIRISH K SATTI

Subscribe Now

Income tax entry

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA