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about income tax

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Cagaurav

58 Points Posted on 10 May 2007

hello can any one tell me about provision for taxation in detailed

how to set off the excess provision written back and advance tax and how to it shown in accounts when we prepare accounts according to income tax and then same should be shown in company accounts also.

i.e adjutment of tds receivable, advance tax for set off of provision for taxation

can any one tell me in detailed

u can mail me at cagaurav1234 @ gmail.com and gaurav.mr @ gmail.com

its urgent

Replies (1)

Shankar

14 Points Posted on 10 May 2007

friend
there is no specific accounting standard for treatment of pro, advance tax, tds receivable in . it is simple and logical way to recrod the enty in book

provision should be shown sepreately under provision in current liabilties for each year.
advance tax should be in deposits under current assets for each seprate year (you should tax receivables in that also)
no provision and advance tax set off unless assessment order pass so till that time seprately shown in books

year of assement exactly opp entry when pro. is more than tax laibility and same way in ad. tax also.

if short fall same like provision entry

any other think
free to mail
shankar