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.
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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