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INCOME TAX PROVISION

CA. Harinder Kumar (Chartered Accountant) (226 Points)

21 March 2008

PLS PROVIDE ME THE ENTRY RELATING TO PROP. CONCERN FOR ADVANCE TAX, TDS, SELF ASSESSMENT TAX

CAN INCOME TAX PROVISION REQ TO SHOW IN P& l A/C

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6 Replies

Praseed Kannam Purath (Taxes Consultants) (21 Points)
Replied 27 March 2008

Income Tax paid Dr

To Cash

being advance tax paid

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bukbuk (fgsfsagfsg) (105 Points)
Replied 07 April 2008

Provision for Income tax

to Bank a/c

(Guest)

First entry will be

Expenses 1000

To Vendor 800

To TDS provision 200

(being Provision created for TDS payable)

TDS 200

To bank 200

(While making the payment)

vikas (student) (38 Points)
Replied 02 June 2008

The provision must be provided as per the method of accounting policy adopted if you want to provoide provision then take it into P & L A/c. & Balance Sheet.

vikas (student) (38 Points)
Replied 20 June 2009

Advance tax A/c. Dr.

Tax Deducted at Source A/c. Dr.

Self Assessment Tax A/c. Dr.

To Provision for Income Tax

Provision for income tax can show in the P & L A/c. but the tax amount to be calculated on before taking provision for tax into account

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CA. Rashi Goyal (Chartered Accountant) (512 Points)
Replied 22 June 2009

In case of proprietorship firm, the return is filed in the name of proprietor instead of firm, aal the taxes are claimed in his personal name, so it is better to transfer all these taxes to his capital account.