06 January 2019
Did we make provision of income tax in case of Proprietorship firm is yes can we deduct Advance tax from it please provide me the Journal entry regarding Advance tax and adjustment with provision form income tax in case of proprietorship firm
07 January 2019
Provision of income tax in case of Proprietorship firm is not required. Advance tax can be adjusted against payment of tax. Provision for tax has to be made for full liability.
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