provision for taxation
This query is : Resolved
deepak Kumar yadav
(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
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
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
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