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provision of tax in company

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(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 ?
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RAJA P M

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RAJA P M (Expert)
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...
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CA Rashmi Gandhi

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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.
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CA Rashmi Gandhi

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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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