Provision for income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 February 2013
Sir
Please explain me treatment of provision tax if its credit in my books, it pvt ltd co.
Thanks & Rgds
Mukesh kumar
Please explain me treatment of provision tax if its credit in my books, it pvt ltd co.
Thanks & Rgds
Mukesh kumar
23 February 2013
Hi,
By tax credit you mean CENVAT credit or TDS.
Thanks!!
By tax credit you mean CENVAT credit or TDS.
Thanks!!
Guest
Guest
(Expert)
23 February 2013
DEAR,
IN THIS CASE,
EVERY ONE IS FOLLOWING DIFFERENT METHOD,
YOU CAN SET OFF OR YOU CAN SHOW BOTH SIDE:
1. YOU CAN DEDUCT TAX PAYABLE FROM CREDIT AND IN LAST IF STILL TAX IS PAYABLE THEN MAKE CURRENT TAX PROVISION ON LIABILITY SIDE AND IF STILL CREDIT OF TAX IS AVAILABLE THEN SHOW THIS CREDIT AS TAX REFUNDABLE UNDER THE HEAD ADVANCE PAYMENT OF GOVERNMENT DUES.
2. YU CAN SHOW IS ON BOTH SIDE. LIKE YOU CAN MAKE PROVISION OF TAX PAYABLE ON LIBILITY LIKEWISE SHOW IT ON LIABILITY SIDE AND SHOW YOUR TAX CREDIT ON ASSETS SIDE UNDER THE HEAD ADVANCE PAYMENT OF GOVERNMENT DUES.
IN THIS CASE,
EVERY ONE IS FOLLOWING DIFFERENT METHOD,
YOU CAN SET OFF OR YOU CAN SHOW BOTH SIDE:
1. YOU CAN DEDUCT TAX PAYABLE FROM CREDIT AND IN LAST IF STILL TAX IS PAYABLE THEN MAKE CURRENT TAX PROVISION ON LIABILITY SIDE AND IF STILL CREDIT OF TAX IS AVAILABLE THEN SHOW THIS CREDIT AS TAX REFUNDABLE UNDER THE HEAD ADVANCE PAYMENT OF GOVERNMENT DUES.
2. YU CAN SHOW IS ON BOTH SIDE. LIKE YOU CAN MAKE PROVISION OF TAX PAYABLE ON LIBILITY LIKEWISE SHOW IT ON LIABILITY SIDE AND SHOW YOUR TAX CREDIT ON ASSETS SIDE UNDER THE HEAD ADVANCE PAYMENT OF GOVERNMENT DUES.
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