provision for taxation
This query is : Resolved
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
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Bank Accounts in Balance Sheet for ITR 3
- ITR returnFY25-26
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
