Tally entry

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 August 2012 Excess advance tax paid, but short provision made:

(a) advance tax paid is rs 100
(b) provision for tax is rs 85
(c) assessed & undisputed liability is rs 90

Which journal entry passed in this case:-

Income tax refund received, kis head me jayega jab hum tally me entry karenge?

urgent reppy

Guest

Guest (Expert)

21 August 2012 1) Income Tax Exps A/c Dr. 5
To Provision for Income Tax 5

2) Provision for Income Tax 90
To Advance Income Tax 90
2nd entry only if you want square off your advance tax wid provision. means its optional