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
**

TAX EXPENCE A/C DR 92700

TO PROVISION FOR TAX 92700

PROVISION FOR TAX DR 92700

TO INCOME TAX DUE 52700

TO TDS RECEIVABLE 40000

INCOME TAX DUE DR 52700

TO BANK 52700

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Case 2
**

INCOME TAX REFUND DUE DR 40000

TO TDS RECEIVABLE 40000

BANK A/C DR 40000

TO INCOME TAX REFUND DUE 40000

**
Case 3
**

TAX EXPENCE A/C DR 15450

TO PROVISION FOR TAX 15450

PROVISION FOR TAX DR 15450

INCOME TAX REFUND DUE 24550

TO TDS RECEIVABLE 40000

BANK DR 24550

TO INCOME TAX DUE 24550