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Reversing Provision of Income Tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 May 2010 Some companies have provision of Income Tax A/c till they receive Income Tax Assessment Order. In such a case please tell me how to reverse the entries made in the books?
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Shyam Lal Naik

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Shyam Lal Naik (Expert)
25 May 2010 On the other hand, they carry forward the balance of Tax Deducted, Advance Tax, Self Assessment Tax etc.

On receiving the Asst. Order, these are netted off by making the following entry(ies) : -

Provision of Income Tax (Ay 00-01) Dr.

Advance Income Tax (Ay 00-01) Cr.
TDS receivable (Ay 00-01) Cr.
Self Asst. Tax (Ay 00-01) Cr.
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