Income tax provision entries

This query is : Resolved

ramachandra (Querist)
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12 August 2014 sir/madam, please give me accounting entries for following transaction

whether entries for provision of tax are shown net of advance tax,TDS receivable or the advance tax and TDS is shown separate?

Rupesh Jain

Rupesh Jain (Expert)
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12 August 2014 you can show net tax or separately.

provision of tax a./c dr
to TDS receivable
to advance tax depostited
to bank a/c

CA UMESH DULAL

CA UMESH DULAL (Expert)
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12 August 2014
Profit & Loss A/c Dr
To, Provision for Taxation.

After receiving intimation u/s 143(1) or completion of assessment, you are write off against Advance Tax, TDS

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CA UMESH DULAL

CA UMESH DULAL (Expert)
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12 August 2014
Profit & Loss A/c Dr
To, Provision for Taxation.

After receiving intimation u/s 143(1) or completion of assessment, you are write off against Advance Tax, TDS