Tds
This query is : Resolved
04 April 2012
Dear sir,
I make entry tds receivable 1727 as on 31.3.11 & make self assess tax payment of rs. 20000 30.07.2011 at time of income ta return fill,than how pass entry this tds and self assesment exntry
I make entry tds receivable 1727 as on 31.3.11 & make self assess tax payment of rs. 20000 30.07.2011 at time of income ta return fill,than how pass entry this tds and self assesment exntry
04 April 2012
You have to make a provision for the TOTAL tax liability on 31.03.2011.
At the time of self assessment tax, entry shall be as under:
Provision for Tax A/c Dr
To TDS Receivable
To Bank A/c
At the time of self assessment tax, entry shall be as under:
Provision for Tax A/c Dr
To TDS Receivable
To Bank A/c
04 April 2012
HOW MAKE ENTRY OF TAX LIBILITY
04 April 2012
Profit & Loss Account Dr
To Provision for Tax
To Provision for Tax
04 April 2012
i cant understand sirji
04 April 2012
What do you not understand?
04 April 2012
dEAR sIR
TDs 1727,self assesment paid 20000 than how entry pass during self assessment paid
TDs 1727,self assesment paid 20000 than how entry pass during self assessment paid
05 April 2012
Your total tax liability was Rs. 21,727.
You must have created a provision of Rs. 21,727 on 31.3.12.
Entries in 31.3.12:
Bank A/c Dr
TDS Receivable 1,727
To Debtor
P&L A/c Dr 21,727
To Provision for Tax 21,727
Self assessment tax:
Provision for Tax A/c Dr 21,727
To TDS Receivable 1,727
To Bank A/c 20,000
You must have created a provision of Rs. 21,727 on 31.3.12.
Entries in 31.3.12:
Bank A/c Dr
TDS Receivable 1,727
To Debtor
P&L A/c Dr 21,727
To Provision for Tax 21,727
Self assessment tax:
Provision for Tax A/c Dr 21,727
To TDS Receivable 1,727
To Bank A/c 20,000
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