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Adjustment for self assessment tax & Provisions

Accounting Entries 4588 views 3 replies

Hi everybody,

I wanna ask that if we make provision of tax for the year & while paying self assessment tax what should be the entry made in tally for adjustment of Provision of tax, Advance tax & Self asessment tax or any tds, if we wanna find if their is any refund or payable.

Pls. tell me. Thx

 

Replies (3)
a) In case of payment of Self Assessment Tax Dr. Provision for Income Tax xxxxx Cr. Advance Tax xxxxx Cr. TDS xxxxx Cr. Bank A/c. xxxxx b) In Case Advance Tax & TDS exceeds Income Tax laibility Dr. Provision for Income Tax xxxxx Dr. IT Refund (Specify A.Y) xxxxx Cr. Advance Tax xxxxx Cr. TDS xxxxx
ahh gr8 thx a lot m8.

 Dear Friend  

now i have start our career recently and i have confused regarded  tax adjustment pls help me

I Handel a case of our client wihch balansheet show provison of tax liablitiy Rs 729 and his itr varification

form show self assesment  tax Rs1131,i want know about what will be entry in account entery


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