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(Querist)
03 May 2011 ours is a construction company, we had made a provision for taxation for rs.315000 as on 31.03.10, there stands a dr. balance of tds deducted by client of rs.750000, the tax liability is rs.198000 and net refundable amt is rs.552000, how to do the adjusting entries, pls tel
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CA Navin Jain

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CA Navin Jain (Expert)
03 May 2011 IF TAX LIABILITY IS RS 198000, WHY PROVISION HAS MADE FOR RS. 315000
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manik

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manik (Querist)
03 May 2011 the provision was made as per book profit and tax liability is after income tax adjustment, how should all the three a/c provision for taxation, tds receivable and tax liabilty to be adjusted
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CA Navin Jain

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CA Navin Jain (Expert)
03 May 2011 FOLLOWING ENTRY TO BE MADE

PROVISION OF INCOME TAX - DR- RS. 117000
TO DEFERRED TAX LIABILITY -117000


PROVISION OF INCOME TAX - DR- RS. 198000
INCOME TAX REFUNDABLE - DR - RS. 552000
TO TDS RECEIVABLE - 750000
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