banner_ad

Provision on Income TAX & F.B.T

This query is : Resolved 
Profile Image

Profile Image

(Querist)
23 June 2009 Please let me know what is Provision for Income Tax & Provision for F.B.T ?

NOW i am paying F.B.T (ON 23.06.2009) for the Q.E March 2009 with interest for delayed payment So what would be the entries in A/cs for the F.Y 2008-09 & F.Y 2009-10 both as the Balance sheet for the F.Y 2008-09 is not been finalized

please help
Profile Image

Sanjeev Jain

Profile Image

Sanjeev Jain (Expert)
23 June 2009 Hie,

Provision for Income tax/FBT is the amount of current tax that would be payable by the assessee on the basis of income tax provisions.

As Far as entries are concerned you take note of the following: -
01. Self Assessment Tax A/c ........... Dr.
Interest A/c .......................Dr.
To Bank Account
02. Profit & Loss A/c ................. Dr.
To Provisions for I.Tax/FBT
03. when the assessment being done in the next finanacial year pass the entry: -

Provisions for I.Tax/FBT........... Dr.
To Self assessment Tax
any difference will be accounted for in the books of accounts through P & L A/c only
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
26 May 2026
CA / MBA (Finance) / CMA / M.Com (Finance)

Sri Aurobindo Gnostic Centre of Education

New Delhi

CA

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details