Self assessment tax
This query is : Resolved
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.
Orelse is there any other accounting treatment for the same, please guide me.
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.
After the assessment account needs to be net off. entry needs to passed for the difference.
27 March 2011
Self assesment tax under group
Loans and advance(Current asset)
Loans and advance(Current asset)
Message likes :
1 times
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)
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)
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
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
