What will the provision under law - if the provision for income tax paid during the year, is it a expense?
income tax provision made for the year, how should it be treated?
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income tax paid
Replies (3)
Provision for tax will be debit to net profit and than net profit will transfer to Reserve & Surplus but provision for tax is not an expense.
but i want to know if tax is paid what will be treatment in the books as per income tax act
At the time of advance tax payment
Advance tax Dr.( loans & advance )
Bank A/c. Cr.
At the time of provision for tax.
Provision for tax Dr. ( Current liability )
Advance Tax
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