Provision for income tax and adjustment entry
This query is : Resolved
Quick Summary
17 November 2024
at the time of making provision of income tax
we passed entry
income Tax Account Dr,
to Provision for income tax
but at the time of adjustment it
can we pass journal entry
Provision for exp. Dr
To TDS A/c
TO TCS A/c
To Advanve Tax
to Self Assessment Tax
is it correct entry.
we passed entry
income Tax Account Dr,
to Provision for income tax
but at the time of adjustment it
can we pass journal entry
Provision for exp. Dr
To TDS A/c
TO TCS A/c
To Advanve Tax
to Self Assessment Tax
is it correct entry.
CA R SEETHARAMAN
(Expert)
18 November 2024
Yes, it's right entry.
CA Puja Sharma
(Expert)
18 November 2024
Yes you can make the entry by debiting Provision for Income Tax A/c
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