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.
Interactive Media Pvt Ltd.
New Delhi
CA Inter
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Vakilsearch.com
Chennai
CA Inter
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Jawahar and Associates Chartered Accountants
Hyderabad
CA Inter
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Vakilsearch.com
Chennai
CA Inter
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CAclubindia
Pro
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