Please Share with me, what are ALL entries relating to income tax are passed in the books of accounts. (including deffered tax entries). it may be advance tax or provision etc.
8 Replies
CA SUDIPTA SINHA
(Commerce Coaching- Accounts Cost FM)
(735 Points)
Replied 13 March 2009
for advance tax: advance tax a/c...........Dr. Cash a/c ...........Cr.
for provision for taxation: p/l a/c ........Dr. provision for Tax a/c .........Cr.
for deferred tax asset: DTA..........Dr. p/l a/c..........Cr.
for deferred tax liabilities: p/l a/c ..........Dr. DTL........CR.
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 27 March 2009
advance tax:
advance tax a/c Dr.
Cash a/c Cr.
provision for taxation:
p&l a/c Dr.
provision for Tax a/c Cr.
deferred tax asset:
DTA Dr.
p&l a/c Cr.
deferred tax liabilities:
p&l a/c Dr.
DTL CR.
and in next year or on completion of assesment you need to setoff advance tax against provison for tax
Manmohan ACA, CS
(Chartered Accountant )
(14243 Points)
Replied 28 March 2009
Sudipto and Devanshi are absolutely correct
sukhjit
(accountant)
(32 Points)
Replied 29 September 2012
dear sir plz tell me journal entry of income tax paid for the fy 2011-2012.. should i pass entry in fy 2012-2013.. capital A/c dr cash cr
vishal chaman
(ca)
(21 Points)
Replied 14 September 2013
DEAR SIR, PLEASE TELL ME THE JOURNAL ENTRY OF ACCRUAL PAYBLE IF
AUDIT FEE LY- 2500
PAID THIS YEAR- 3000
FY 2011-12- PAYBLE 3550
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