banner_ad

journal entry for addition tax paid for last year assessment

Accounting Entries 2092 views 4 replies

what is the journal entry for additional tax paid for last years assessments anc can we book this payment as an expenses in current year books or do we need to book it to the pertaining year only

Replies (4)

I think this should be the current year expense..

if income tax paid is not allowed as expense so it should be charged to owner's equity however interest part can be booked as expense.

Thanks, but what would be the journal entry for these kind of payments?

The entry will be...

Provision for Tax (L.Y.) A/c ...........Dr.                                       xxx

Profit & Loss (for excess tax liab.) A/c ............................Dr    xxx

              To Advance Tax Paid/TDS A/c (if any)                                            xxx

              To Cash/Bank A/c                                                                             xxx

(Cash or Bank A/c shall credited with the amount of excess tax paid pertaining to last year.)


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Topics
Loading
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
27 May 2026
Audit Assitant

Virender K Gupta and Co

New Delhi

B.Com

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 17 May 2026
CA Article /Trainee

Malik Sunil & co

New Delhi

CA Foundation

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details