very very urgent
This query is : Resolved
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
03 May 2011
IF TAX LIABILITY IS RS 198000, WHY PROVISION HAS MADE FOR RS. 315000
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
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
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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