Tds

This query is : Resolved

SAMIR DESAI (Querist)
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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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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

SAMIR DESAI

SAMIR DESAI (Querist)
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04 April 2012 HOW MAKE ENTRY OF TAX LIBILITY

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 Profit & Loss Account Dr
To Provision for Tax

SAMIR DESAI

SAMIR DESAI (Querist)
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04 April 2012 i cant understand sirji

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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04 April 2012 What do you not understand?

SAMIR DESAI

SAMIR DESAI (Querist)
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04 April 2012 dEAR sIR

TDs 1727,self assesment paid 20000 than how entry pass during self assessment paid

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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

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