Tally entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 May 2012
dear sir pls.help for
income tax paid entry samz main aagya.
lekin Provision for income tax A/c,Advance tax Or TDS Receivable tally me kon se a/c ke under aayegi.
dear sir pls.help for
income tax paid entry samz main aagya.
lekin Provision for income tax A/c,Advance tax Or TDS Receivable tally me kon se a/c ke under aayegi.
10 May 2012
Suppose you made
(A) Advance Tax = Rs.1000
(B) Your TDS Deducted = Rs.500
(C) At the year end you estimate your total tax liability = Rs. 2200
(D) Therefore you require to make provision for Tax = Rs.700 (2200-1000-500)
(E) You make payment of tax related to past year in current year i.e. Rs.700
Following Entries required to be passed in books
(1) For Advance Tax
Advance Tax ..........Dr 1000
To Bank A/c 1000
(2) For TDS
TDS A/c ..............Dr 500
To Party A/c 500
(3) For tax provision
Profit & Loss A/c ..........Dr 700
To Provision for Tax A/c 700
(4) Payment of Tax Provisions
Provision for Tax A.c....Dr 700
To Bank A/c.................700
(5a) Finalisation entry in books
Tax Expense A/c..........Dr 1500
To Advance Tax A/c...... 1000
To TDS A/c.................. 500
(5b) Profit & Loss A/c .......Dr 1500
To Tax Expense A/c... 1500
ACCOUNTING HEADs FOR ALL ACCOUNTS
Advance Tax Balance Sheet Loans & Advances
TDS Balance Sheet Loans & Advances
Provision for Tax Balance Sheet CL & Provision
Tax Expense P & L A/c Expense
(A) Advance Tax = Rs.1000
(B) Your TDS Deducted = Rs.500
(C) At the year end you estimate your total tax liability = Rs. 2200
(D) Therefore you require to make provision for Tax = Rs.700 (2200-1000-500)
(E) You make payment of tax related to past year in current year i.e. Rs.700
Following Entries required to be passed in books
(1) For Advance Tax
Advance Tax ..........Dr 1000
To Bank A/c 1000
(2) For TDS
TDS A/c ..............Dr 500
To Party A/c 500
(3) For tax provision
Profit & Loss A/c ..........Dr 700
To Provision for Tax A/c 700
(4) Payment of Tax Provisions
Provision for Tax A.c....Dr 700
To Bank A/c.................700
(5a) Finalisation entry in books
Tax Expense A/c..........Dr 1500
To Advance Tax A/c...... 1000
To TDS A/c.................. 500
(5b) Profit & Loss A/c .......Dr 1500
To Tax Expense A/c... 1500
ACCOUNTING HEADs FOR ALL ACCOUNTS
Advance Tax Balance Sheet Loans & Advances
TDS Balance Sheet Loans & Advances
Provision for Tax Balance Sheet CL & Provision
Tax Expense P & L A/c Expense
Message likes :
4 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
- Tax on Amount transferred in HUF Account
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- TDS on Dashcam rent and allied services
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- Working on Gold wastage during Melting of old gold jewellery
- GST input credit on commercial property
- Section 269ST applicability for capital introduced by partner to his partnership firm
- Intimation under section 245
- ETDS return q4 25-26
- GSTR-9C filing
- Royalty payments to the Mining Department for procurement of murum - GST input
- HOW TO ADJUST CREDIT NOTE AMOUNT ?
- Import Order Cancelled.
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
