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PROFIT FOR THE YEAR 56000
DEPRECIATION AS PER ACCOUNT 9500
DEPRECIATION AS PER TAXATION 6350
TAX RATE 30%
PASS ENTRY FOR CORPORATION TAX PROVISION.
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Answer Posted / tapan kumar roy
PROFIT BEFORE DEPRECIATION AMT LESS DEPRECIATION AMT. AS PER IT ACT THEN
PROFIT & LOSS A/C DR
TO PROVISION FOR INCOME TAX
PROFIT BEFORE DEPRECIATION IS RS 56000/-LESS IT ACT DEPRECIATION AMT X 30%.
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