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.
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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