Please Help urgent
Income tax provisions for Ay 2008-09 is 2.10 cr
Advance Tax Paid is 1.74 cr
Tax Liability is 1.94 cr
Tds Receivable is 2.19 lac
How to close the accounts this year.
What is the treatment for excess provision?
2 Replies
Paresh Rathod
(CA)
(222 Points)
Replied 29 August 2011
For tranferring advance tax and tds
Provision for income tax Dr
To Tds
To Advance tax
If TDS or advance tax shows debit balance then
Income tax refundable
To TDS
To Advance tax
If after passing all entries provision for income tax shows credit balance
Provision for income tax Dr
To self assessement tax payable
On payment
Self assessement tax a/c Dr
To bank
Paresh Rathod
(CA)
(222 Points)
Replied 07 September 2011
Excess Provision Transfer to Profit & Loss Account will come below the line....
Provision for Income Tax A/c dr.
To Excess Provision of Income Tax (Profit & Loss A/c)
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