Bhaskar Unnikrishnan CPA CMA (Accounts / Administration) 26 August 2012
Rajesh (CA Final Student) 27 August 2012
Hi,Vineet
If Tax provision exceeds to Tax paid(Adv tax, TDS) you need to pay in that year by Debiting Tax A/c Crediting Bank/Cash A/c.
If Tax provision is less than Tax paid(Adv.tax,TDS) you have to claim for refund.
Vaibhav Jandey (Life iz Hard; I'm Harder) 27 August 2012
Originally posted by : Sravanthi | ||
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For Advance Tax: Advance Tax a/c Dr to Bank a/c Advance Tax - Asset For TDS: TDS a/c Dr to party a/c TDS Asset |
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thank you my friend for replying,
Like the above explanation could you please tell me the cases where i t provision exceeds tax paid and vice versa. What are the adj that needs to be carried out. Please show entry wise if possible; would be great if you can cite the principles applied.
AASAN HAI (STUDENT) 28 August 2012
WAT WOULD BE D ENTRY IF PROVISON FOR TAX SHORTFALLS IN COMPARISON 2 ACTUAL TAX PAID
Ram Chandra (Finance Officer) 30 August 2012
When Individual, firm and company pay advance tax
Advance Tax A/c Dr. *****
To Bank A/c Cr. *****
When TDS deducted by other parties
Advance Tax (TDS) A/c Dr. ****
To Party Name (Who deducted TDS) Cr. *****
When Tax deposite under section 140(a) as self assessment
Income Tax (for respective assessment year) A/c Dr. *******
To Bank (if there is any payable) A/c Cr. *****
To Advance Tax A/c Cr. *****
these are sufficent enties if we want some thing special than we make some more entry for due to respective entry
Akshaydeep Tarachand Dhoot (Account and Audit Assistant) 01 September 2012
For Advance tax:
Advance tax a/c Dr
To Bank A/c
For TDS:
TDS a/c Dr
To XYZ a/c
For Provision:
P & L A/c Dr
To Provision for tax a/c
For tax payment:
Provision for tax a/c Dr
To TDS a/c
To Advance tax a/c
aditya jhalani (student) 17 December 2012
Vaibhav Jandey (Life iz Hard; I'm Harder) 05 June 2013
Please tell me the entry/treatment where tax paid exceeds provision for tax(income tax obviously) and vice versa.
Navin Narnaware 19 February 2018
Drawing a/c Dr to cash a/c
Because...here Owner of the Company will pay tax and he withdrawal cash from business so.. from the rules of accounting if owner received from business i.e Drawing
Cash :- Goes out (Real account) :- Cr
Drawing:- Reciver(Personal a/c):-Dr
Indira Priyadarsini Kota (Student) 20 January 2021
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