Interested to Buy Any Domain ? << Click Here >> for more details...
What will be journal entry of provision for income tax in
current year and Adjustment entry in next year
- 14 Answers
- 199493 Views
- I also Faced
- E-Mail Answers
Answer Posted / mohit
Normally following entries for Income Tax puposes:
1. Deposing Advance Tax:
Advance Tax (A.Y. ____) Dr.
To Cash or Bank
2. Provision for Current Year I.Tax:
Income Tax (Expenses) Dr.
To Provision for Tax (A.Y. _____)
3. When assessment completed and refund received:
Provision for Tax (A.Y. _____) Dr.
Bank Dr.
To Advance Tax (A.Y. ____)
4. When assessment completed and some demand raised:
Provision for Tax (A.Y. _____) Dr.
To Advance Tax (A.Y. ____)
To Income Tax Additional Demand (Expenses)
Source(s):
Self
| Is This Answer Correct ? | 40 Yes | 18 No |
Post New Answer View All Answers
formula of reduction in tax credit of vat form 201(gujarat)
how to prost entry for purchases with a bill
1)What is E-1 Sales (Sales in Transit) Full Guidence From Issue to receipient. 2) What is F Form How Are procedure
capital goods purchased from Singapore. payment made by bank in rupees. but the invoice value is in USD, How to make purchase entry in tally?
1.WHAT IS BRS? 2.WHY DO WE PREPARE BALANCE SHEET? 3.WHAT IS TRIAL BALANCE? 4.WHAT IS VENTURE CAPITAL? 5. WHAT IS DEFFERED REVENUE EXPENDITURE?
examole of cash to cash contra entry
non cash or bank income or expense
When we are doing the reconciliation process in cash management please tell me what are the different status will happen and when will it happen. Please help me out.
what are the charecteristics of cost accounting financial accounting managment accounting payroll accounting environmental accounting h r accounting forensic accounting inflation accounting?
entry for cash received from debtors
What is cash flow and fund flow?
Who is debtor purchaser
Please provide me the entire format of P.F. & ESI
What is invoice processing can u explain it?
Can i put opening stock in new company during closing time
