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 :—
AMENDMENT IN COMPANIES (ACCOUNTING STANDARDS) RULES, 2006
Sharing information and knowledge on subject like investment, personal finances,GST,income tax
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 | ||
Sharing information and knowledge on subject like investment, personal finances,GST,income tax
Subscribe to:
Posts (Atom)