Simply LTD (Limited) companies are corporate assessee whether Private or Public
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Form 3CA : is for the assesses who are required to get it's accounts audited under any other law,like companies act...
Form 3CB : is for the assesses who is not required to get his accounts audited under any other law..
As company,whether Pvt. Ltd. or Ltd,requires to get it's accounts audited under Companies Act,The form CA is applicable to them.In case of proprietary concerns,partnership Form 3CB is applicable..
| Originally posted by : CA Anjali Aswal | ||
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you have to make provision for taxation for the tax liability on 31st march. Also on the same date Advance Tax would be standing in assets side of the balance sheet. In next year i.e. on 1st April when you will set off the amount of provision and Advance Tax the balance will stand as Refund of Income Tax. Entry on 31st March Profit & Loss A/c Dr. 100000 Cr. Provision for TAxation 100000 Entry on 1st April Provision for Taxation Dr. 100000 Refund of Income Tax Dr. 25000 Cr. Advance Income Tax 125000 Its all what I think should be the accounting treatment. Any corrections plz reply. |
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if i sold agriculture land after fulfilling all conditions prescribed in meaning of capital assets excluding capital assets then what should be profit on sale of agriculture land.
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