Provision for income tax
This query is : Resolved
26 September 2019
Dear Sir,
We are proprietor ship firm. We need to do income tax provision in books of account. we already paid Rs.32000/- as a advance tax.
Please suggest below entry is correct or wrong.
Vinod Kumar Dr. Capital account. Rs.43100/-
Provision for income tax Rs .43100/- Cr. Current Liabilities
Provision for income tax Dr. Rs. 32000/-
Advance income tax Cr.32000/-
Please suggest or provide your feed back
Thank you
We are proprietor ship firm. We need to do income tax provision in books of account. we already paid Rs.32000/- as a advance tax.
Please suggest below entry is correct or wrong.
Vinod Kumar Dr. Capital account. Rs.43100/-
Provision for income tax Rs .43100/- Cr. Current Liabilities
Provision for income tax Dr. Rs. 32000/-
Advance income tax Cr.32000/-
Please suggest or provide your feed back
Thank you
26 September 2019
Yes the entry is right when filing the return of income.
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