Reversal of provision of income tax.
This query is : Resolved
26 September 2013
I created ,last year,provision for income tax of rs 40000 through profit & loss appropriation and now actual tax liability arise rs 38000....how to reverse it ?
and if anyone,please tell me how to show it in computax.. ?
and if anyone,please tell me how to show it in computax.. ?
27 September 2013
Provision for Income tax Dr...40000
To Bank (income tax paid)..............38000
To Reserves and surplus/P&L.............2000
To Bank (income tax paid)..............38000
To Reserves and surplus/P&L.............2000
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28 September 2013
CA Parul Saxena,Thanks.
but there is also a problem,how to feed it in software?
Eg.: Suppose opening R&S = 100000
Profit for the year = 20000
and reversal = 2000
now in P&L schedule in compuoffice software
it is showing rs 120000.and in Bal.Sheet schedule
R&S is showing is 122000..Showing error that amount not maatched. Help me.
but there is also a problem,how to feed it in software?
Eg.: Suppose opening R&S = 100000
Profit for the year = 20000
and reversal = 2000
now in P&L schedule in compuoffice software
it is showing rs 120000.and in Bal.Sheet schedule
R&S is showing is 122000..Showing error that amount not maatched. Help me.
30 September 2013
This entry to be made in next financial year suppose you created provision for the financial year 2012-13 then this entry to be made in 2013-14 as tax would be paid in this finanical year only.
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