What will be journal entry of provision for income tax in
current year and Adjustment entry in next year
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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
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