Provision
This query is : Resolved
Amandeep Singh
(Querist)
09 May 2018
Dear Sir,
we have tax liability as on 31 march 2018 Rs .63000/- but we deposit Rs .27000/- in Dec 17 so please suggest what entry should be in tally for provision of income tax in Partner ship firm
Dear Sir,
we have tax liability as on 31 march 2018 Rs .63000/- but we deposit Rs .27000/- in Dec 17 so please suggest what entry should be in tally for provision of income tax in Partner ship firm
CA PARAS BAFNA
(Expert)
09 May 2018
Credit Provision for Income Tax payable by Rs 36000/ and debit to all the partners in their profit sharing ratio.
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Amandeep Singh
(Querist)
09 May 2018
Thank you Sir
Can We need to mention Tax payable or can we write Provision for income tax
Can We need to mention Tax payable or can we write Provision for income tax
09 May 2018
'Provision for Income tax' is the appropriate a/c head.
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CA PARAS BAFNA
(Expert)
09 May 2018
"Provision for Income Tax " sounds better. Use this only.
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