Kindly advise on journal entries:-
1. Deferred tax entry in our books of accounts at what stage.
2. As per accounts at Mar end,Rs.1 L is tax payable. After tax audit, tax amt is revised to Rs.2 .50 L. Should we reverse Rs.1L in Oct and make full provision of Rs.2.5L and pay tax for previous year. Then how it impacts last years profit?
Regards
PFA attachment. You have necessary entries in appendix.
RBSM Corporate Advisors Private Limited
Pune
CA
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Hema Yashwanth & Associates
Chennai
B.Com
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Getmyca Consultant Pvt Ltd
New Delhi
CA Inter
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K R Kiran Kumar & Associates
Bengaluru
CA Inter
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CCI
Pro
CAclubindia
