ANKIT PUNAMIYA (STUDENT) (94 Points)
22 March 2013year ended 31/3/2004
Advance payment of tax : 2002-2003 > 7,00,000
: 2003-2004 > 23,00,000
Provision for tax : 2002 -2003 > 8,00,000
Net profit subject to Tax @ 35% : > 72,84,000 (Tax = 25,49,400)
The pending income tax assessment for 2002-03 was finalised and the tax payable after giving credit for advance tax paid for that year was finalised at Rs 8,50,000
Balance sheet as at 31/3/2004
(Profit & loss a/c) [ 47,34,600 -7,50,000] = 39,84,600
my question is how 7,50,000 came.
ANIL KUMAR
(PROPRIETOR)
(109 Points)
Replied 23 March 2013
Very Interesting Dear Will you elaborate more about your question
ANIL KUMAR
(PROPRIETOR)
(109 Points)
Replied 23 March 2013
Simple:
Total Tax for 2002-03 Rs 1550000
( Tax Payable of Rs. 8,50,000/- plus Advance Tax 7,00,000)
Less: Already charged in P & L A/c by way of Provision 8,00,000
Balance to charge from P & L A/c 7,50,000
ANKIT PUNAMIYA
(STUDENT)
(94 Points)
Replied 23 March 2013
Thank you so much Sir i am very happy that i got the conceptual clarity from you.
ANIL KUMAR
(PROPRIETOR)
(109 Points)
Replied 23 March 2013
It is my pleasure
My Gurus taught me so that I could repply.
If some one ask to you, then you repply him, ok
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