Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 August 2010 Dear Sir I want to know how the entry pass for the provision of Income tax and what is the deferred tax liability. at my mail vermakl_1981@yahoo.co.in

Ram Avtar Singh

Ram Avtar Singh (Expert)
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14 August 2010 Profit & Loss A/c Dr******
Defered Tax Provision A/c Dr******

Income tax Provision Cr*****
FBT Provision Cr*******

Closing entry to be passed.

advance Tax provision DR*******
Profit & Loss Dr*******

Advance Tax Cr******
TDS receivable Cr*******
TCS Paid Cr*******
Self Assessement Tax Cr*******