Provision for income tax

This query is : Resolved

Sanjeet (Querist)
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12 May 2018
Dear Sir
Please suggest below entry is correct in tally or wrong. ( Partnership firm) Provision for income tax 63000/- Cr. (31.03.2018) Partners A/c Capital 63000/- Dr. Advance income tax 21000/- Cr Proviosn for income tax 21000/- Dr.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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13 May 2018 Why you are adjusting partners capital account,if income tax provision is less than equal to advance tax paid, you can debit
Income Tax a/c Dr
Advance tax cr

Extent of income tax should be during Appropriation of Profit.

Sanjeet

Sanjeet (Querist)
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15 May 2018 Sir, not understand Please clear once again
Total TAX 63000/-
Advance tax paid 21000/-

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