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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

-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 20000         

To TDS Receivable 10000

-ea-

Suppose Company made Ra 30000 provision for tax on 31 march

Company adjusted 30000 TDS Receivable.it did not pay anything

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 TDS Receivable 30000

-ea-

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

-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 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

-ea-

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

-a-

Entry 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

-ea-

  1. Accounts and Finance
  2. Step 3 Passing Book Closure Entries
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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 7 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .
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