Provision for income tax

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 April 2013 please can someone tell me how to create provision for income tax for a financial year.I mean now in few days audit of my company will start then my books will get finalised, please tell me what to do and how to create provision for income tax.

please someonereply. It's urgent.

Pankaj Gupta

Pankaj Gupta (Expert)

24 April 2013 Did you had any provision for income tax in last year's balance sheet? If not, then... Calculate the tax that should be paid this year and then make provision through a book entry. P&l a/c dr .... To provision for income tax.

Sumit Grover

Sumit Grover (Expert)

24 April 2013 Total income tax liability(higher of income tax as per MAT and normal provisions)
Less: TDS receivable(can be verified from form 26AS/TDS certificates issued by your Customers)
Less: Advance tax already paid
Less: Provision already created

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2013 for the tds deducted by some parties how should we get the tds certificate from them and for the tds deducted by us how should we issue tds certificate in form 16A.

please let me know how to issue tds certificate in form 16A for the tds deducted by our company.

please reply.