provision of income tax
This query is : Resolved
Rohit Kumar Gupta
(Querist)
08 November 2010
provision of income tax 3300
actual tax paid ,.,,, 3211
tds during the year 20628.
no advance tax paid.....
wat will be the entry to adjust the provision
actual tax paid ,.,,, 3211
tds during the year 20628.
no advance tax paid.....
wat will be the entry to adjust the provision
08 November 2010
Written back the excess provision ( 3300-3211 ) to P/L account.
CA.Madhusudan B.P.
(Expert)
08 November 2010
Rohit Kumar
You would have passed an entry for creation of liability right....
Debit Income Tax 3300 Group - P&L
Credit income tax payable 3300 - Provision
Now the entry would be
Debit Income tax payable 3300 Provision
Credit Income tax 89 P&L
Credit Bank/Cash Rs3211 -Current Assets
You would have passed an entry for creation of liability right....
Debit Income Tax 3300 Group - P&L
Credit income tax payable 3300 - Provision
Now the entry would be
Debit Income tax payable 3300 Provision
Credit Income tax 89 P&L
Credit Bank/Cash Rs3211 -Current Assets
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