Provision for income tax
This query is : Resolved
23 June 2014
Suppose i kept provision for income tax Rs. 20000 but after that next f.y adjusting all i have seen i have to pay only 18000. how it will be treated.? Also tell me regarding tally entries.
Thank you
Thank you
23 June 2014
Make provision for income tax by:
1) P & L a/c Dr.
To Provision for I.Tax
on adjustment:
2)Provision for I.Tax Dr.
To Income Tax A/c
On payment of Income Tax:
3)Income Tax Dr.
To Cash/Bank
1) P & L a/c Dr.
To Provision for I.Tax
on adjustment:
2)Provision for I.Tax Dr.
To Income Tax A/c
On payment of Income Tax:
3)Income Tax Dr.
To Cash/Bank
23 June 2014
when prov.
profit & loss a/c 20000
provision for tax 20000
if your make adv tax then
prov for tax 18000
to advance tax a/c 18000
if you make tax
prov of tax a/c
to bank
adj entry of Rs. 2000
prov of tax a/c
to profit & loss a/c or reserve and surplus a/c
profit & loss a/c 20000
provision for tax 20000
if your make adv tax then
prov for tax 18000
to advance tax a/c 18000
if you make tax
prov of tax a/c
to bank
adj entry of Rs. 2000
prov of tax a/c
to profit & loss a/c or reserve and surplus a/c
Message likes :
1 times
24 June 2014
Thanks @ nischit and rupesh
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Price inclusive or exclusive of GST while made entry in P& L Account
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Minimum tax payable to file Updated return
- Dep. as per companies act
- Tds on commission charges
- Applicability of GST on Salary Reimbursement Component
- CHECK RELATED
- Change Of Karta In Case of Death
- Renovation exp. in flat by family member
- UDIN ISSUE
- TDS on purchase of under construction property from a reseller
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
Quick Links
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared
Getmyca Consultant Pvt Ltd
New Delhi
CA Inter
View Details
ARTICLESHIP
15 September 2026
Freelance Taxation Content Writer Intern
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
22 September 2026
Account Assistant
Chirag P Shah & Co. Chartered Accountant
Pune
B.Com
View Details
CCI
Pro
CAclubindia
