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Entries At the End of the Year For Companies - TDS TCS Accounting

Note:-

For Companies Tax Rate Applicable Is 30% Flat + Cess 

 

Assignments

Pass Entries of Case 1 to Case 4 at the end of the year

 

Case 1

-a-

Entry For Provision For Tax

31 March         Tax Expense   Dr.      9270
                                To Provision For Tax   9270

Entry For Paying Balance Tax 

30 September    Provision For Tax    9270
                                    To Bank           5270    
                                    To TDS Receivable 4000

-ea-

Case 2

-a-

Entry For Provision For Tax

31 March         Tax Expense   Dr.      6180
                                To Provision For Tax   6180

Entry For Paying Balance Tax 

30 September    Provision For Tax    6180
                                    To Bank           2180    
                                    To TDS Receivable 4000

-ea-

Case 3

-a-

Entry For Provision For Tax

31 March         Tax Expense   Dr.      3090
                                To Provision For Tax   3090

Entry For Paying Balance Tax 

30 September    Provision For Tax             3090
                           Income Tax Refund Due   910 
                                           To TDS Receivable 4000

-ea-

Case 4

-a-

Entry For Provision For Tax

No Entry

Entry For Paying Balance Tax 

30 September   Income Tax Refund Due   4000 
                                           To TDS Receivable 4000                         

-ea-

Case 4B

Suppose Refund Actually Received of 4050 in Case 4

(4000 Tax + 50 Interest)

Pass Entries

-a-

Bank   Dr.   4050
        To Income Tax Refund Due   4000 
        To Interest Income                 50

-ea-

 

 

  1. Accounts and Finance
  2. Accounts with Taxes
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About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 6 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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