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

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Suppose Company made Ra 30000 provision for tax on 31 march

Company adjusted 30000 TDS Receivable.it did not pay anything

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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

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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

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CA Maninder Singh

CA Maninder Singh is a Chartered Accountant for the past 14 years. He also provides Accounts Tax GST Training in Delhi, Kerala and online.