Tally entry
This query is : Resolved
Hitesh Khandelwal
(Querist)
20 September 2013
What will be the entry in FY 2012-13 in respect of following items:
Provision for Tax in F.Y. 2011-12= 1000
TDS deducted in F.Y. 2011-12= 2000
Tax payable computed For F.Y. 2011-12= 100
Provision for Tax in F.Y. 2011-12= 1000
TDS deducted in F.Y. 2011-12= 2000
Tax payable computed For F.Y. 2011-12= 100
CA Parul Saxena
(Expert)
20 September 2013
Provision for tax Dr...........1000
Excess Income tax A.Y.2012-13..1100
To TDS deducted.....................2000
To Tax Payable......................100
Tax payable...........100
To Bank......................100
Excess Income tax A.Y.2012-13..1100
To TDS deducted.....................2000
To Tax Payable......................100
Tax payable...........100
To Bank......................100
Hitesh Khandelwal
(Querist)
21 September 2013
Hello Parul Mam
Actually there is no such entry in Bank A/c regarding payment of Income tax bcoz the tax payable is adjusted with the TDS and the net came out is Tax refundable of Rs. 1900. Then in that case what should be the entry.
Actually there is no such entry in Bank A/c regarding payment of Income tax bcoz the tax payable is adjusted with the TDS and the net came out is Tax refundable of Rs. 1900. Then in that case what should be the entry.
Hitesh Khandelwal
(Querist)
21 September 2013
Also I didnt get the entry for excess income tax for AY 12-13 which is Rs. 1100 as per you and in which group it will fall in Tally
CA Parul Saxena
(Expert)
21 September 2013
Income tax........100
To Tax Payable.........100
Refund receivable Dr.......1900
Tax payable Dr..............100
To Tds deducted..................2000
Provision for Income tax Dr.....1000
To profit and loss account............1000
The last entry is just for reversing the provision you have created. if your tax liability was just Rs.100 then there was no need of creating provision.
To Tax Payable.........100
Refund receivable Dr.......1900
Tax payable Dr..............100
To Tds deducted..................2000
Provision for Income tax Dr.....1000
To profit and loss account............1000
The last entry is just for reversing the provision you have created. if your tax liability was just Rs.100 then there was no need of creating provision.
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