If Advance deposited Rs.200000/-, TDS diposited Rs.100000/-
& Provision for Income Tax is Rs.250000/- but It department
raise the Assessment Tax is Rs.350000/-. What will be the
journal entries?
Answers were Sorted based on User's Feedback
PROVISION FOR IT DR 2500000
ASSESSMENT TAX DR 1000000
TO ADVANCE IT CR 2000000
TO TDS CR 1000000
TO INCOME TAX PAYABLE CR 500000
Is This Answer Correct ? | 19 Yes | 2 No |
provision for income tax DR 250000
Income tax for earlier year DR 100000
INCOME TAX PAYABLE CR 50000
TDS RECEIBABLE CR 100000
ADVANCE TAX CR 200000
Is This Answer Correct ? | 1 Yes | 0 No |
provision for IT 250000
I.T for the earlier year 100000
Income tax payable 50000
TDS receivable 100000
Advance tax 200000
--------------------------
350000 350000
( being advance tax and tds receivable adjusted with provision of I.T)
Is This Answer Correct ? | 0 Yes | 0 No |
Answer / s.balakrishnan
Dr Assessment tax 100000
Cr Provision for IT 100000
Dr Advance tax 50000
Cr Tax payable acct 50000
Dr Provision for IT 350000
Cr Advance tax 250000
Cr TDS receivable 100000
Is This Answer Correct ? | 5 Yes | 7 No |
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