Provision for income tax
This query is : Resolved
09 August 2013
plz help me in making understand how to create provision for income tax in the books of a company .
and the treatment of advance tax .. TDS recievable in it.
and the treatment of advance tax .. TDS recievable in it.
CMA Ramesh Krishnan
(Expert)
09 August 2013
Create ledger Income tax & provision for income
after computing the tax calculation
Dr: Income tax a/c
Cr: Provision for income tax account
create Advance tax & TDS receivable ledger under current assets
while paying advance tax only payment entry
Dr: Advance tax
Cr: Bank
TDS receivable when ever you are getting the deduction details from customers need to pass the entry
once final tax assessment order received
Dr: Provision for income tax
Cr: Advance tax
Cr: TDS receivable
Cr: Self assessment tax (if anything paid)
after computing the tax calculation
Dr: Income tax a/c
Cr: Provision for income tax account
create Advance tax & TDS receivable ledger under current assets
while paying advance tax only payment entry
Dr: Advance tax
Cr: Bank
TDS receivable when ever you are getting the deduction details from customers need to pass the entry
once final tax assessment order received
Dr: Provision for income tax
Cr: Advance tax
Cr: TDS receivable
Cr: Self assessment tax (if anything paid)
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