Self assessment tax

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This query is : Resolved

amit (Querist)

26 March 2011 If a private company limited makes payment of self asseseement tax of Rs. 100 pertaining to FY 2009-10 on 26.03.2011 (FY 2010-11),in such case whether the self assessment tax paid amt. Rs. 100/- should be shown under the head DUTIES AND TAX (under head Current Liabilites ) or under CURRENT ASSET of Balance Sheet as on 26.03.2011 or 31.03.2011 ?

Orelse is there any other accounting treatment for the same, please guide me.

sudhakar ca cwa

sudhakar ca cwa (Expert)

26 March 2011 Provision should be under CL and any payment against this is CA.

After the assessment account needs to be net off. entry needs to passed for the difference.

Ram Avtar Singh

Ram Avtar Singh (Expert)

27 March 2011 Self assesment tax under group
Loans and advance(Current asset)

Message likes : 1 times

amit

amit (Querist)

28 March 2011 Kind attention Mr. Sudhakar, CA

Sir,

You mean ,that following accounting entries should be made

1. date 31.03.2010
P& L A/c Dr.
To provision for taxation (Fy 2009-10)
(under the head provisions in liabilities side of B/s)
(Being provision for taxation made for fy 2009-10)

2. date 26.03.2011
Provision for taxation (Fy 2009-10)
To self assessment tax(with interest (2009-10)(under the head Current asset in asset side of B/s)

(Being self assement tax pertaining to FY 2009-10 paid with interest)

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