banner_ad

treatment of advance tax and provision for tax

This query is : Resolved 
Profile Image

Profile Image

(Querist)
07 April 2011 hi

I have one query regds advance tax and provision for tax

In trial balance advance tax paid 50000 and provision for tax 150000 is given

in adjustments

tax liabilites 200000

So some one could tell me accounting treatment and payment entries related to this


Thanks
Surender singh
Profile Image

CMA. Subhash Kumar Jha

Profile Image

CMA. Subhash Kumar Jha (Expert)
07 April 2011 Till you receive the assessment order, do not do any adjustment.
Profile Image

CMA. Subhash Kumar Jha

Profile Image

CMA. Subhash Kumar Jha (Expert)
07 April 2011 In ideal scenario : your provision for tax should match with your tax liability. But you are showing provision as 150000/- whereas tax liability at 200000/-.

Normally the adjustment entry is passed on receipt of assessment order.

Entry :

Provision for Tax Dr.
Self assessment Tax Cr.
Advance Tax Cr.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
01 June 2026
Audit, Taxation & Compliance Executive

R P S K & Associates

Nashik

CA Inter

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details