Income tax paid entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2012
DEAR ALL
PLS TELL ME ENTRY OF INCOME TAX
WE A PVT LTD COMPANY
THE TAX OF LAST YEAR PAID BY US ,PLS TELL ME ACCOUNTING TREATMENT FOR THAT ,WHICH A/C HEAD I DEBIT AND WHICH A/C I CREDIT THAT
THANKS
PLS TELL ME ENTRY OF INCOME TAX
WE A PVT LTD COMPANY
THE TAX OF LAST YEAR PAID BY US ,PLS TELL ME ACCOUNTING TREATMENT FOR THAT ,WHICH A/C HEAD I DEBIT AND WHICH A/C I CREDIT THAT
THANKS
SUMIT KUMAR MEHARIA
(Expert)
09 March 2012
1. Let Us take example that Rs. 10,200/- Tax paid on 1.1.12, Rs. 10,000/- Provision for Income Tax was made on 31.3.11
31.3.11- Provision for Income Tax (P&L) A/c... Dr Rs. 10,0000
To, Provision for Income Tax (BS) Rs. 10,000
01.01.2012- Taxes for earlier year.... Dr
To, Provision for Income Tax (BS) Rs. 200
01.01.2012- Provision for Income Tax (BS) Rs. 10,200
To, Bank A/c
31.3.11- Provision for Income Tax (P&L) A/c... Dr Rs. 10,0000
To, Provision for Income Tax (BS) Rs. 10,000
01.01.2012- Taxes for earlier year.... Dr
To, Provision for Income Tax (BS) Rs. 200
01.01.2012- Provision for Income Tax (BS) Rs. 10,200
To, Bank A/c
Message likes :
1 times
Ravi Jhamb
(Expert)
09 March 2012
Yar all Taxes your liability then
Income Tax payable A/c Dr.
To Bank
Income Tax payable A/c Dr.
To Bank
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