Journel entry
This query is : Resolved
10 April 2012
what entries of income tax passed by a company.
10 April 2012
Current tax A/c Dr
To Provision for Income Tax A/c
If the tax liability is by MAT, then
Current Tax A/c Dr
To Provision for Income tax A/c
MAT Entitlement credit A/c Dr
To Profit and Loss A/c (by deduction from current tax)
Clearance of liability:
Provision for tax A/c Dr
To Bank A/c or
To MAT Entitlement Credit A/c (If paid by utlisation of MAT Credit).
To Provision for Income Tax A/c
If the tax liability is by MAT, then
Current Tax A/c Dr
To Provision for Income tax A/c
MAT Entitlement credit A/c Dr
To Profit and Loss A/c (by deduction from current tax)
Clearance of liability:
Provision for tax A/c Dr
To Bank A/c or
To MAT Entitlement Credit A/c (If paid by utlisation of MAT Credit).
10 April 2012
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