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provison for income tax

Shaik ( M.com,IC(W)AI - Inter) (723 Points)

11 May 2011

Dear All,

any one can help me how to make adjustment entries for provison for income tax and under which head i have to create a ledger in tally. How it con be effected for accounting pls advice me.

Thanks in Advance .

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2 Replies

Devendra (Chartered Accountant) (4775 Points)
Replied 11 May 2011

Following is the Journal Entry to be passed

Income Tax paid A/c Dr. XXX

(grouped under the head Indirect Expense) XXX

To Income Tax Payable A/c

(Being Income Tax Provision made for A.Y _____)

Note : But the Income Tax expense will be disallowed while computing the Income from business.

Regards,
Devendra K

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Originally posted by : Devendra
	Following is the Journal Entry to be passed Income Tax paid A/c Dr. XXX (grouped under the head Indirect Expense) XXX To Income Tax Payable A/c (Being Income Tax Provision made for A.Y _____) Note : But the Income Tax expense will be disallowed while computing the Income from business. Regards, Devendra K