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
Agree with Expert
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
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- Unregistered suppliers utility
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- ITDS U/S.194T of Firm
- Non-Compliance documents have not been submitted by the contractors debited
- Filling ITR - U
- TDS ON EMAIL DOMAIN SERVICE BILL
- UNWANTED CREDIT BALANCE OF GST AS PER BOOKS
- CREDIT NOTES WITHOUT GST
- Taxable or Tax exempt
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
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
