Under or excess tax provision in accounts vis a vis tax payable per IT ACT

Yes.Mr.Nilugal.

Kindly advise journal [ short or excess provision] entries at the time of making tax payment as per tax audit / assessment per IT Act, while tax provision was previously made as per Co Act.

Regards

Many thanks.

Please state journal for short provision

Rgds

On 31/3/2023 provision for Income tax, let's say 50000/- ( example)

Income tax A/c Dr 50,000/-
Provision for Income tax A/c Cr 50,000/-
( provision entry)

Next year after assessment Income Tax payable is 80000/- so short provision and balance income Tax payable is 30000/- , after adjustment of Advance Tax and TDS carried forward from last year and same has been already paid ( Advance Tax 15000/- , TDS 5000/- )

Provision for Income Tax A/c Dr 50000
Income Tax payable ( last year) A/c 30000/-
To Advance Tax. A/c Cr 15000/-
To TDS A/c Cr 5000/-
To Bank A/c Cr. 60000/-
( Last year income tax paid after adjustment of Advance Tax and TDS)

Here TDS is deducted by party during the F.Y