Provision for income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2012 Iam not pass any journal entry for Provision for income tax for sole proprietorship concern? then How do make an entry for self assessement tax paid challan. Please reply sir..

Amol S Joglekar

Amol S Joglekar (Expert)
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30 July 2012 create account under current asset as income tax 2011-12, 2012-13 and so on. Trnasfer the entry at the year end to drawings.

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CA BHARATH KUMAR

CA BHARATH KUMAR (Expert)
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30 July 2012 you can debit to Income tax (F Y 2011-12) in this year

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Querist : Anonymous

Querist : Anonymous (Querist)

31 July 2012 In case of Partnership concern means what wll be entry for self assessment tax paid challan

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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31 July 2012 For partnership self assessment tax paid entry

Dr Prov for Income tax
Cr: Bank
if you already has provision

if already not provided anything

Dr: Income tax for AY___
Cr: Bank

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2012 Income tax for AY-----. Is in Asset side or under expenses?
If it Asset Side means how do tally this? what will be corresponding entry for to tally this ac?

Please reply sir

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2012 Income tax for AY-----. Is in Asset side or under expenses?
If it Asset Side means how do tally this? what will be corresponding entry for to tally this ac?

Please reply sir

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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03 August 2012 It is under Indirect expenses only

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