Income tax paid entry

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 March 2012 DEAR ALL

PLS TELL ME ENTRY OF INCOME TAX

WE A PVT LTD COMPANY

THE TAX OF LAST YEAR PAID BY US ,PLS TELL ME ACCOUNTING TREATMENT FOR THAT ,WHICH A/C HEAD I DEBIT AND WHICH A/C I CREDIT THAT

THANKS

SUMIT KUMAR MEHARIA

SUMIT KUMAR MEHARIA (Expert)
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09 March 2012 1. Let Us take example that Rs. 10,200/- Tax paid on 1.1.12, Rs. 10,000/- Provision for Income Tax was made on 31.3.11

31.3.11- Provision for Income Tax (P&L) A/c... Dr Rs. 10,0000

To, Provision for Income Tax (BS) Rs. 10,000

01.01.2012- Taxes for earlier year.... Dr
To, Provision for Income Tax (BS) Rs. 200

01.01.2012- Provision for Income Tax (BS) Rs. 10,200

To, Bank A/c

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