provision for income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 June 2011
what entry should be in tally for provosion of income tax in Partner ship firm & Ltd company
CA. Aryendra
(Expert)
17 June 2011
In case of partnership firm there is no need to pass provison entry of tax you may directly transfer it to partners capital account on the day of filing of ITR
Partners capital account Dr
To Income Tax Cr
Income Tax A/c Dr
To TDS Cr
to Advance TAx Cr
To Self Assessment Tax Cr
However you pass provisonal enty too
Partners Capital Account DR
To Income Tax Provision Account
In Case of Company
Profit & Loss Account DR
To Provision for income TAX Cr
Nex Year at time of filing of ITR
Provision for Income Tax
To Income Tax
Income Tax A/c Dr
To TDS
To Advance Tax
To Self Assessment Tax
Partners capital account Dr
To Income Tax Cr
Income Tax A/c Dr
To TDS Cr
to Advance TAx Cr
To Self Assessment Tax Cr
However you pass provisonal enty too
Partners Capital Account DR
To Income Tax Provision Account
In Case of Company
Profit & Loss Account DR
To Provision for income TAX Cr
Nex Year at time of filing of ITR
Provision for Income Tax
To Income Tax
Income Tax A/c Dr
To TDS
To Advance Tax
To Self Assessment Tax
Message likes :
1 times
CA. Aryendra
(Expert)
17 June 2011
In case of partnership firm there is no need to pass provison entry of tax you may directly transfer it to partners capital account on the day of filing of ITR
Partners capital account Dr
To Income Tax Cr
Income Tax A/c Dr
To TDS Cr
to Advance TAx Cr
To Self Assessment Tax Cr
However you pass provisonal enty too
Partners Capital Account DR
To Income Tax Provision Account
In Case of Company
Profit & Loss Account DR
To Provision for income TAX Cr
Nex Year at time of filing of ITR
Provision for Income Tax
To Income Tax
Income Tax A/c Dr
To TDS
To Advance Tax
To Self Assessment Tax
Partners capital account Dr
To Income Tax Cr
Income Tax A/c Dr
To TDS Cr
to Advance TAx Cr
To Self Assessment Tax Cr
However you pass provisonal enty too
Partners Capital Account DR
To Income Tax Provision Account
In Case of Company
Profit & Loss Account DR
To Provision for income TAX Cr
Nex Year at time of filing of ITR
Provision for Income Tax
To Income Tax
Income Tax A/c Dr
To TDS
To Advance Tax
To Self Assessment Tax
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