Please can one can clarify my doubts.
Suppose We have already filed balance sheet of our company for 2017-2018.
Income tax notice came and demanded to pay for eg Rs 9 Lacs for 2014-2015 and we have paid the same amount through cheque.
Please can anyone help me the entire process with journal entries and create of new ledger under which group. Because we cannot pass entries on back date and how we can create liability when balance sheet upto 2017 - 2018 has already been submitted.
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Regarding tax journal entry and grouping
Replies (4)
When you issue cheque of RS 9 lacs income tax liabilities ? in the current year 2018-19 or in 2017-18 please clerify .
Cheque issued in 2018 - 2019
You can show as perior period expense in the current year , This will be treated as appropriations
Profit & Loss Appropriations A/c Dr 900000
To Income tax perior period A/c Cr 900000
( perior period income tax(2014-15) paid inthe current year )
OK Thanks for your valuable advice
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