provision for income tax
This query is : Resolved
16 July 2011
i have prepared balancesheet of a company for the A.Y 2011-12. IN the A.Y 2010-11 company made a provision for income tax of Rs. 191298 in the books but Actual Tax was Rs. 191483 Now there was difference between Rs. 185 in Provision for income tax So in A.Y 2011-12 I make Provision for Earlier tax of Rs. 185 and i have shown it in Profit and loss A/C but i have not shown it in Balance sheet. Whether am i wrong or right please guide me
16 July 2011
The Reminiscent Rs 185 ideally shall be Accounted in Both P&L as Well as Balance Sheet by a Double Entry .
Principally we shall square off TDS Receivable/Advance Tax Amount with Provision for Income Tax on Completion of Assessment.
Regards
Ankit Gulgulia
Principally we shall square off TDS Receivable/Advance Tax Amount with Provision for Income Tax on Completion of Assessment.
Regards
Ankit Gulgulia
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