Advance tax and provision for tax
uttam kumar (student) (24 Points)
09 January 2016uttam kumar (student) (24 Points)
09 January 2016
Shyam C.Pujara
(Student (C.A Final))
(177 Points)
Replied 09 January 2016
Dear Uttam Kumar,
Shyam C.Pujara
(Student (C.A Final))
(177 Points)
Replied 09 January 2016
Dear Uttam Kumar,
Provision for tax will be under Current Liabilities and Advance tax will be under head Loan and Advances (Current Assets).
When you pay advance tax entry will be
Advance Tax A/c Dr
To Cash and Bank
When Provision for tax is to made entry will be
Profit and loss A/c or Capital A/c ( in case id Individual) Dr
To Provision for Tax A/c
Hope this will help u...
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