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Suppose Company made Rs 30000 provision for tax on 31 March
it paid the same on 30 Sept by paying challan online
Pass Entry
-a-
Entry for Provision for Tax
31st March
Tax exp Dr. 30000
To Provision for Tax 30000
Entry for Paying Balance Tax
30 September
Provision for Tax Dr. 30000
To Bank 30000
-ea-
Suppose Company made Ra 30000 provision for tax on 31 march
Company adjusted 10000 TDS Receivable.it paid 20000 on 30 sept by paying challan online
Pass Entry
View AnswerEntry for Provision for Tax
31st March
Tax exp Dr. 30000
To Provision for Tax 30000
Entry for Paying Balance Tax
30 September
Provision for Tax Dr. 30000
To Bank 20000
To TDS Receivable 10000
Suppose Company made Ra 30000 provision for tax on 31 march
Company adjusted 30000 TDS Receivable.it did not pay anything
Pass Entry
View AnswerEntry for Provision for Tax
31st March
Tax exp Dr. 30000
To Provision for Tax 30000
Entry for Paying Balance Tax
30 September
Provision for Tax Dr. 30000
To TDS Receivable 30000
Suppose Company made Ra 30000 provision for tax on 31 march
Company adjusted 32000 TDS Receivable.it did not pay anything and got 2000 income tax refund after one month
Pass Entry
View AnswerEntry for Provision for Tax
31st March
Tax exp Dr. 30000
To Provision for Tax 30000
Entry for Paying Balance Tax
30 September
Provision for tax 30000
Income Tax Refund Due 2000
To TDS receivable 32000
1(A) Entry for receiving fund
Bank Dr. 2000 Bank Dr. 2000
To Income tax Refund 2000
1(B) Entry for receiving fund 2100
Bank Dr. 2100
To Income tax Refund 2000
To Interest income 100
Suppose company suffered a lose and hence did not make any provison
Company had 32000 TDS Receivable.it did not pay anything and got 32000 income tax refund after one month
Pass Entry
View AnswerEntry for Provision for Tax
31st March
No Entry
Entry for paying balance tax
30 September
Income tax Refund Due Dr. 32000
To TDS receivable 32000
Refund Received
Bank Dr. 32000
Income tax refund due 32000
