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
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
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
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
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Price inclusive or exclusive of GST while made entry in P& L Account
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Minimum tax payable to file Updated return
- UDIN ISSUE
- GST ISSUE OF INPUT AND OUTPUT GST
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Salary from Qatar in Dollars in India
- Change Of Karta In Case of Death
- Non filing of I T Returns
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
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
