Provisional tax
This query is : Resolved
20 May 2019
If net profit is 60,00,000 and we have paid advance tax Rs.5,00,000 then provisional for tax what in balance sheet at time of making ???
07 June 2019
assuming that the query is for company assessee having 25% slab rate (Turnover less than 250 cr)
tax liability = 25% of 60,00,000/- = 15,00,000/-
out of that advance tax paid 5,00,000/-
provision for tax = 15,00,000 - 5,00,000 = 10,00,000/-
Plese note you need to calculate interest thereon for less payment of advance tax
tax liability = 25% of 60,00,000/- = 15,00,000/-
out of that advance tax paid 5,00,000/-
provision for tax = 15,00,000 - 5,00,000 = 10,00,000/-
Plese note you need to calculate interest thereon for less payment of advance tax
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
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Gift Received from nonblood relative
- EPF FULL & FINAL RULES IN 2026
- Rental income gst and it purpose
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Reprocessing of rectification order AY 2025-26
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
