Income tax provision

This query is : Resolved

Sankar Chakraborty (Querist)
Follow

29 February 2012 Dear Experts,

1.
What is the time limit of assessment ? viz. we have done a entry in books as on 31.03.10
P/L…………….Dr
To Provission for Income tax

When we should entry
Provision for Income tax…………Dr
To Adv tax paid
To TDS Receivable

2. what is difference between as on 31.03.11 / as at 31.03.11

please answer

Guest

Guest (Expert)

29 February 2012 Normally the provision for tax is set off against advance tax at time of finalisation of accounts of next year i.e. when accounts of 31.3.11 are finalised. In my opinion there is no difference in as on 31.3.11 and as at 31.3.11