Advance Tax

Advance Tax

Can anybody please suggest me all the entries relating to Advance Tax, provision for tax and Current Tax.

Please suggest me all the logical sequence entries relating to Advance Tax, Provision for Tax and Current Tax so that we can pass the entries in our books from begining of the year.

Replies (2)

 

 

Entry of Advance Tax.

To Advance tax  Dr.

   By Bank A/c   Cr.

Provisional entry of advance tax.

To Provision for tax A/c   Dr.

     By Advance Tax  Cr.

at the time of makking provision  for tax

p&l(apprppriation) a/c....dr

to provision for tax a/c...cr

at the time of making advance paymeny of tax

advance payment of tax (under loans and advances to keep in b/s)  a/c....dr

to bank a/c...cr

incase of tax laibility settiled

provision fot tax a/c...dr

to  tax payable  a/c...cr

at the time of adjustment

taxpayable a/c...dr

tax refund a/c (IF ANY)  a/c...dr

to tax advance payment  a/c...cr

to bank a/c....cr

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