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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Section 194JA & JB Income which ITR Form to use
- Type of Capital Gain
- Booth for sales promotion
- F & O PROFIT REPORTING FOR AY 2026-27
- Grand in aid
- Accounting with Claude
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
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
CAclubindia
