year 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.
Very Interesting Dear Will you elaborate more about your question
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
Thank you so much Sir i am very happy that i got the conceptual clarity from you.
It is my pleasure
My Gurus taught me so that I could repply.
If some one ask to you, then you repply him, ok
Arvindkumar Maniar & Co.
Rajkot
CA
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