regarding income tax, advance tax, Provision for income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 May 2010
dear sir
what will be the entry passed for the adjustment of advance tax agaisnt income tax and how to make provision for income tax?
please clarify the following entry:
Income tax provision a/c dr 100000.00
to advance tax a/c 75000.00
to short provision of I. tax (P&L) 25000.00
what will be the entry passed for the adjustment of advance tax agaisnt income tax and how to make provision for income tax?
please clarify the following entry:
Income tax provision a/c dr 100000.00
to advance tax a/c 75000.00
to short provision of I. tax (P&L) 25000.00
22 May 2010
1) Provision of Income Tax:
Income Tax A/c ..........Dr. 100000
To Income Tax Provision 100000
2) Payment of Advance Tax:
Advance Tax A/c...........Dr. 75000
To Bank A/c 75000
3) Adjustment of Adv. Tax Against Tax Prov.:
Income Tax Prov. A/c......Dr. 100000
To Advance TAx A/c 75000
To Excess Provision of I.Tax(P&L) 25000
Income Tax A/c ..........Dr. 100000
To Income Tax Provision 100000
2) Payment of Advance Tax:
Advance Tax A/c...........Dr. 75000
To Bank A/c 75000
3) Adjustment of Adv. Tax Against Tax Prov.:
Income Tax Prov. A/c......Dr. 100000
To Advance TAx A/c 75000
To Excess Provision of I.Tax(P&L) 25000
22 May 2010
1) Provision of Income Tax:
Profit & Loss A/c ...Dr. 100000
To Income Tax Provision 100000
Profit & Loss A/c ...Dr. 100000
To Income Tax Provision 100000
22 May 2010
We have made provision of Rs. 100000/- but agains which tax paid to required is only 750000/- hence we have made excess provision of tax, hence next year we will pass 3rd entry & excess provision shall be cr. to P& L A/c
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