Provisional tax
This query is : Resolved
20 May 2019
If net profit is 60,00,000 and we have paid advance tax Rs.5,00,000 then provisional for tax what in balance sheet at time of making ???
07 June 2019
assuming that the query is for company assessee having 25% slab rate (Turnover less than 250 cr)
tax liability = 25% of 60,00,000/- = 15,00,000/-
out of that advance tax paid 5,00,000/-
provision for tax = 15,00,000 - 5,00,000 = 10,00,000/-
Plese note you need to calculate interest thereon for less payment of advance tax
tax liability = 25% of 60,00,000/- = 15,00,000/-
out of that advance tax paid 5,00,000/-
provision for tax = 15,00,000 - 5,00,000 = 10,00,000/-
Plese note you need to calculate interest thereon for less payment of advance tax
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