AMENDMENT IN COMPANIES (ACCOUNTING STANDARDS) RULES, 2006

NOTIFICATION NO. [F. NO. 17/133/2008-CL.V], DATED 11-5-2011

In exercise of the powers conferred by clause (a) of sub-section (1) of section 642 read with sub-section (1) of section 21A and sub-section (3C) of section 211 of the Companies Act, 1956 (1 of 1956), the Central Government in consultation with the National Advisory Committee on Accounting Standards, hereby makes the following amendment in the Companies (Accounting Standards) Rules, 2006, herein-after called the said rules namely :—

Accounting Entry For Provision of Tax & its adjustment after completion of Assessment

 

Facts of the case		CASE -1		CASE -2
(A)	Profit as P& L A/C	500000.00		500000.00
(B)	Provision for Income Tax @30%	150000.00		150000.00
©	Advance Tax paid	90000.00		90000.00
(D)	TDS deducted	24000.00		24000.00
(E)	Self Assessment tax paid	36000.00		36000.00
(F)=C+D+E	Total Tax paid in Advance	150000.00		150000.00
(G)	Actual Tax Liability as per Assessment	182000.00		140000.00