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Treatment of provision for tax. There are two possible treatments about the provision for taxation. To TDS recoverable AC. If provision is less than Tax calculated in return we have to make additional provision.
In case-2 the company need to pay tax. The estimated tax for the current year is 3000. A provision is not tax-deductible if it relates to non-deductible expenditure.
However payment of tax does not affect working capital because it involves both current asset and current liability account ie payment decreases cash or bank balance on the one hand and. 1Tax on immovable property for the year 1990-91. When we prepare the profitloss account we use 3000-500 as tax expense.
Provisions are measured at the best estimate including risks and uncertainties of the expenditure required to settle the present. In case - 1 if you dont have TDS and Advance Tax you need to pay an amount of 309 in cash bank. We must calculate the difference between actual paid tax and advance tds If advance and tds is more than actual tax then income tax department return your excess tax paid At this time two general entries will pass 1st transfer advance tax and tds to income tax account Income tax account debit Advance tax.
1 or 2 of total employee remuneration are treated as income and taxed at the prevailing Corporate Tax rate when the company. There are two possible treatments about the provision for taxation. 1 Immovable property being land or building or both is received by an individualHUF.
Provision for tax is disclosed under Cash flow from operating activities in Cash flow statement. 3730-2Unclaimed bonus for earlier years written back. Income tax Provision for Earlier years AC DR.
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