treatment of advance tax and provision for tax
This query is : Resolved
07 April 2011
hi
I have one query regds advance tax and provision for tax
In trial balance advance tax paid 50000 and provision for tax 150000 is given
in adjustments
tax liabilites 200000
So some one could tell me accounting treatment and payment entries related to this
Thanks
Surender singh
I have one query regds advance tax and provision for tax
In trial balance advance tax paid 50000 and provision for tax 150000 is given
in adjustments
tax liabilites 200000
So some one could tell me accounting treatment and payment entries related to this
Thanks
Surender singh
07 April 2011
Till you receive the assessment order, do not do any adjustment.
07 April 2011
In ideal scenario : your provision for tax should match with your tax liability. But you are showing provision as 150000/- whereas tax liability at 200000/-.
Normally the adjustment entry is passed on receipt of assessment order.
Entry :
Provision for Tax Dr.
Self assessment Tax Cr.
Advance Tax Cr.
Normally the adjustment entry is passed on receipt of assessment order.
Entry :
Provision for Tax Dr.
Self assessment Tax Cr.
Advance Tax Cr.
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