Income tax entry
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 September 2011
PLZ HELP IN THE FOLLOWING SITUATION OF A PRIVATE LTD COMPANY :
TAX PAYABLE = RS.35000(AS PER COMPUTATION OF INCOME UNDER INCOME TAX ACT)
TDS DEDUCTED STANDING IN THE BOOKS = RS 40,000
I WANT TO KNOW HOW TO MAKE PROVISION FOR TAX ENTRY AND HOW TO PRESENT IN THE PROFIT AND LOSS ACOOUNT AND BALANCE SHEET.
TAX PAYABLE = RS.35000(AS PER COMPUTATION OF INCOME UNDER INCOME TAX ACT)
TDS DEDUCTED STANDING IN THE BOOKS = RS 40,000
I WANT TO KNOW HOW TO MAKE PROVISION FOR TAX ENTRY AND HOW TO PRESENT IN THE PROFIT AND LOSS ACOOUNT AND BALANCE SHEET.
14 September 2011
Provision for tax,. etc. are made through P.L. Appropriation accunt where taxable profit is credited and Provision of Current Tax is made in left side. balancing amount is carried to reserve & surplus in balance sheet.T.D.S. is adjusted in books of account against provision for tax made through P.L.appropriation account
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