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provision for income tax

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Querist : Anonymous (Querist)
17 June 2011 what entry should be in tally for provosion of income tax in Partner ship firm & Ltd company
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CA. Aryendra

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CA. Aryendra (Expert)
17 June 2011 In case of partnership firm there is no need to pass provison entry of tax you may directly transfer it to partners capital account on the day of filing of ITR

Partners capital account Dr
To Income Tax Cr

Income Tax A/c Dr
To TDS Cr
to Advance TAx Cr
To Self Assessment Tax Cr

However you pass provisonal enty too

Partners Capital Account DR
To Income Tax Provision Account

In Case of Company

Profit & Loss Account DR
To Provision for income TAX Cr

Nex Year at time of filing of ITR

Provision for Income Tax
To Income Tax

Income Tax A/c Dr
To TDS
To Advance Tax
To Self Assessment Tax
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CA. Aryendra

Profile Image

CA. Aryendra (Expert)
17 June 2011 In case of partnership firm there is no need to pass provison entry of tax you may directly transfer it to partners capital account on the day of filing of ITR

Partners capital account Dr
To Income Tax Cr

Income Tax A/c Dr
To TDS Cr
to Advance TAx Cr
To Self Assessment Tax Cr

However you pass provisonal enty too

Partners Capital Account DR
To Income Tax Provision Account

In Case of Company

Profit & Loss Account DR
To Provision for income TAX Cr

Nex Year at time of filing of ITR

Provision for Income Tax
To Income Tax

Income Tax A/c Dr
To TDS
To Advance Tax
To Self Assessment Tax
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