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 For Individuals, Income Tax Slab Rate Is applicable 

INCOME TAX
UPTO 250000 Nil
250000-500000 5% of Income Greater than 250000
500000-1000000 20% of Income Greater than 500000+12500
>1000000 30% of Income Greater than 1000000+112500

There is Rebate of 2500 also if Income between 250000-350000

Tds Image.jpg

  Assignments

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

Case 1

-a-

Entry For Provision For Tax

No Entry 

Entry For Paying Balance Tax 

No Entry 

Refund Received

Bank A/C      Dr.   4000
       To TDS Receivable   4000           

-ea-

Case 2

-a-

Entry For Provision For Tax

No Entry 

Entry For Paying Balance Tax 

No Entry 

Refund Received

Bank A/C      Dr.   4000
       To TDS Receivable   4000           

-ea-

Case 3

-a-

Entry For Provision For Tax

No Entry 

Entry For Paying Balance Tax 

Drawings A/C   Dr. 7725
       To Bank                    4000
       To TDS Receivable  3725

(For Individuals, Tax is a personal liability, hence we put in Drawings)

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  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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