banner_ad

provision for taxation

This query is : Resolved 
Profile Image

Profile Image

(Querist)
24 January 2009 plz tell me the entry of Provison for taxation in accounts ans effects of entry in PnL Balance Sheet. if adavce tax made during the year we have to make any adjustment with Provision for taxation in Accounts
Profile Image

Vinod Jain

Profile Image

Vinod Jain (Expert)
28 January 2009 Income tax A/c Dr
To Provision for IT

By this provision, Net profit after Tax will be reduces in P & L A/c

Provision for Income Tax will form part of Current Liabilities

Advance Tax paid will be reduced from Provision A/c and thus net tax liability will be lesser by Advance Tax Amount in Balance sheet
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
06 May 2026
Account Assistant / Article Clerk

V.K. Ranjan & Co(Chartered Accountants)

New Delhi

B.Com

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details