Poonawalla fincorps
Poonawalla fincorps

Income tax provision

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(Querist)
07 June 2014 what would be accounting entry for excess tax provision .and under which head it will appeared ?
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Amol S Joglekar

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Amol S Joglekar (Expert)
07 June 2014 excess tax provision should be written back to general reserve. Normally this is done after the assessment is completed by the assessing officer.
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Ganeshbabu K

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Ganeshbabu K (Expert)
07 June 2014 Shown as prior year tax in statement of profit and loss
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