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Provision for Taxes

This query is : Resolved 

22 June 2011 For a particular year, I did not pay any advance tax. My company was incorported in month of January. While preparing balance sheet, I have created the provision for taxation. In the next year I have paid my taxes. Tax expense was already booked as Current Tax Expense Dr /Provision for Taxation Cr. Now, in the current year how to I finish off my provision for the taxation.

22 June 2011 i think ur query is about accounting adjustment.

when pay the amount debit it to the provision.. and still if any provision remained than transfer it to the P&L A/c



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