Tally entry
This query is : Resolved
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
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
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.
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
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.
Message likes :
1 times
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
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Capital gain from sale of house property
- Copyright software
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- FORM 26A APPLICABILITY
- When TDS on GST applied
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- 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
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
