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provision of income tax

This query is : Resolved 

08 November 2010 provision of income tax 3300
actual tax paid ,.,,, 3211
tds during the year 20628.
no advance tax paid.....

wat will be the entry to adjust the provision

08 November 2010 Written back the excess provision ( 3300-3211 ) to P/L account.

08 November 2010 Rohit Kumar
You would have passed an entry for creation of liability right....
Debit Income Tax 3300 Group - P&L
Credit income tax payable 3300 - Provision

Now the entry would be

Debit Income tax payable 3300 Provision
Credit Income tax 89 P&L
Credit Bank/Cash Rs3211 -Current Assets




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