Income Tax Treatment
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2010
Sir/Madam,
In FY 2009-10,
1. Advance Tax Paid - Rs.60000
2. Provsion for Income Tax - Rs.66000
During FY 2010-11, Rs.6000 is paid as Self-assessment Tax
What will be the Accounting Treatment (ie) Entry to be passed for Payment of Self-assessment Tax of Rs.6000?
Note: Assessment has not been completed.
In FY 2009-10,
1. Advance Tax Paid - Rs.60000
2. Provsion for Income Tax - Rs.66000
During FY 2010-11, Rs.6000 is paid as Self-assessment Tax
What will be the Accounting Treatment (ie) Entry to be passed for Payment of Self-assessment Tax of Rs.6000?
Note: Assessment has not been completed.
09 June 2010
SELF ASSESSMENT TAX A/C DR..
TO BANK...
THIS WAY ADVANCE TAX OF 60000/- AND SAT OF 6000/- WILL APPEAR IN ASSETS SIDE IN YOUR BALANCE SHEET AND PROV FOR INCOME TAX 66000/- WILL APPEAR ON LIABILITY SIDE. WHEN ASSESSMENT IS COMPLETED ADJUSTMENT ENTRY WILL BE PASSED.
IF ASSESSMENT ORDER IS AS PER YOUR PAYMENT.
THEN SIMPLY---
PROV FOR INCOME TAX A/C DR
TO ADVANCE TAX
TO SAT
TO BANK...
THIS WAY ADVANCE TAX OF 60000/- AND SAT OF 6000/- WILL APPEAR IN ASSETS SIDE IN YOUR BALANCE SHEET AND PROV FOR INCOME TAX 66000/- WILL APPEAR ON LIABILITY SIDE. WHEN ASSESSMENT IS COMPLETED ADJUSTMENT ENTRY WILL BE PASSED.
IF ASSESSMENT ORDER IS AS PER YOUR PAYMENT.
THEN SIMPLY---
PROV FOR INCOME TAX A/C DR
TO ADVANCE TAX
TO SAT
09 June 2010
agreed with above. Just to add : that adv tax paid & SAT paid may be debited to same head say Income TAx Paid A/c.
S.Siju Gemin
(Expert)
09 June 2010
In the books of F.Y.2009-10(Entries)
1. Advance Tax Paid - Rs.60000
Dr. Advance Tax A/c Rs.60000
Cr. Bank A/c Rs.60000
2. Provsion for Income Tax - Rs.66000
Dr.Income Tax A/c Rs.66000
Cr.Advance Tax A/c Rs.60000
Cr.Provision for Income Tax RS.6000
In the books of F.Y.2010-11(Entries)
Self-assessment Tax of Rs.6000
Dr.Provision for Income Tax Rs.6000
Cr.Bank Rs.6000
1. Advance Tax Paid - Rs.60000
Dr. Advance Tax A/c Rs.60000
Cr. Bank A/c Rs.60000
2. Provsion for Income Tax - Rs.66000
Dr.Income Tax A/c Rs.66000
Cr.Advance Tax A/c Rs.60000
Cr.Provision for Income Tax RS.6000
In the books of F.Y.2010-11(Entries)
Self-assessment Tax of Rs.6000
Dr.Provision for Income Tax Rs.6000
Cr.Bank Rs.6000
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