JV for provision tax

This query is : Resolved

Meenakshi (Querist)
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20 May 2011 income tax- dr
to, provision for income tax

is this entry correct? if correct then how this income tax a/c & provision a/c will nulify after assessment.

CA Navin Jain

CA Navin Jain (Expert)
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20 May 2011 ans of 1.

Profit & loss appropriation - dr
to provision of income tax

ans of 2
provision for income tax -dr
to advance income tax if any
to tds receivable if any
to self assessment tax if any

Meenakshi

Meenakshi (Querist)
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20 May 2011 thanks sir. but what about p/l appropriation a/c. it will carry balance in next year?

p/l appropriation a/c wil come under which category as i want to do entry in tally.

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