When there is a short or excess provision of income tax as accounted for in audited accounts per Co Act vis a vis Income Tax Act, how do we account for the same after account closing by A COMPANY?
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Accounting Entry when income tax paid by Company
Replies (3)
Corporate tax is paid with adjustments from deferred tax provisions and account accordingly. You'd get better results of you ask this question in tax section.
There is short or excess providion as accounted for.
Current taxes are like
Dr. Current taxes
Cr. Current taxes payables
Are taxes paid in arrears of on year like I've read? Thanks to anyone who demistify this.
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