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PROVISION FOR TAXATION
Hi This is GAurav
I am pe2 qualified in may 2005. but i have a problem
i am working in a smalll firm
can any one tell me how to set of provision for taxation with advance tax, tax dedtucted at source and deferred tax liablity. and how to show these things in accounts as per company act.
At which time entry of this effect will be passed on 31st march or 31st october. plz. tell me these things thru journal entries.
My question is this
PROVISION FOR TAXATION==> RS. 3000000
ADVANCE TAX PAID====> RS. 800000
TDS====>: RS. 276000
DEFERRED TAX LIABILITY====>RS. 729000
PL.Z TELL ME THE ABOVE TREATMENT OF PROVISION FOR TAXATION
Best Regards
Gaurav Rustagi
cagaurav1234 @ gmail.com
Replies (1)
Its very simple debit what is credited earlier and credit what is debited earlier,here
provision for tax 3000000
deferred tax liability 729000
To Tds receivable 276000
To Advance Tax 800000
To Income Tax 2653000
provision for tax 3000000
deferred tax liability 729000
To Tds receivable 276000
To Advance Tax 800000
To Income Tax 2653000
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