Income tax entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 September 2011
PLZ HELP IN THE FOLLOWING SITUATION OF A PRIVATE LTD COMPANY :
TAX PAYABLE = RS.35000(AS PER COMPUTATION OF INCOME UNDER INCOME TAX ACT)
TDS DEDUCTED STANDING IN THE BOOKS = RS 40,000
I WANT TO KNOW HOW TO MAKE PROVISION FOR TAX ENTRY AND HOW TO PRESENT IN THE PROFIT AND LOSS ACOOUNT AND BALANCE SHEET.
TAX PAYABLE = RS.35000(AS PER COMPUTATION OF INCOME UNDER INCOME TAX ACT)
TDS DEDUCTED STANDING IN THE BOOKS = RS 40,000
I WANT TO KNOW HOW TO MAKE PROVISION FOR TAX ENTRY AND HOW TO PRESENT IN THE PROFIT AND LOSS ACOOUNT AND BALANCE SHEET.
14 September 2011
Provision for tax,. etc. are made through P.L. Appropriation accunt where taxable profit is credited and Provision of Current Tax is made in left side. balancing amount is carried to reserve & surplus in balance sheet.T.D.S. is adjusted in books of account against provision for tax made through P.L.appropriation account
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
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- Sales return eway bill
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Treatment of Pension ?annuity returns on PMVY
- Taxation on LTCG for property sold after 24JUL2024
- GST ON DAMAGED GOODS
- Tax liability on income of freelancer
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
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
CAclubindia
