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Provision for income tax

This query is : Resolved 
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(Querist)
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
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Nischit Sanghavi

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Nischit Sanghavi (Expert)
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
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Rupesh Jain

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Rupesh Jain (Expert)
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
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Debjit Saha

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Debjit Saha (Querist)
24 June 2014 Thanks @ nischit and rupesh
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