provision of tax in company
This query is : Open
singh satish
(Querist)
30 September 2017
while we are making provision for income tax in case of corporate then we should deduct TDS DEDUCTED BY PARTY AND ADVANCE TAX PAID BY COMPANY OR NOT ?
01 October 2017
Your question is not cleared....!
In case your Party / Customers deduct TDS in your PAN it's treated as Advance Tax....
But, It's making on or before 31st March then only it's treat as Advance Tax. Also short of Tax ll be payable...
CA Rashmi Gandhi
(Expert)
01 October 2017
No you cant deduct both.
Advance Tax & TDS is shown in assest side as Current Assets while Provision is shown as Liability.
CA Rashmi Gandhi
(Expert)
01 October 2017
You have to made full provision & then you can deduct advace tax & tds while making b/s instead of showing in both asset & liability
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