How to book Provision for Income Tax | Income Tax Adjustment Entry | Account Finalization
ฝัง
- เผยแพร่เมื่อ 12 ต.ค. 2022
- In this session we have discuss important part of account finalization i.e. Booking provision of income tax and its complete adjustment.
Provision for income tax is is below the line entry. After adjusting necessary items from gross profit, (e.g. depreciation booked in books of accounts and depreciation allowable as per income tax rules) taxable income arrives. On that taxable profit we have to make provision for income tax at prevailing rate of income tax.
Advance Tax need to pay by the taxpayer according to sec 208 of income tax act. In this session we have covered all accounting aspects of taxation including advance tax, self assessment tax & TDS receivable.
Excel sheets are available in our course only.
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Sir aapka theory explanation bahut aachha hai aur practical example awesome you are excellent among all TH-cam videos
Sir aapki Teaching Concept Bilkul hi Excellet hai... Please go on....
Too good brother .. simplified and explained in best possible way .. respect😊
You teaching style and your content is so helpfull for us than you so much sir
This is the best channel for learners
your online course is awesome
Thanks a ton Sir!!!
Hatsoff to you for your efforts🙌🙌🙌
Bohot din se khoj Raha tha finally ye video mila jisme Jo bhi doubts the sare clear ho gye
Thank you from CMA Fraternity
I am vast learning ur video....tqsm
Good and simple explanation ☺️
You are doing really well.
Thank you sir very use full video
nicely explained.....thank you.
excellent "Pratical" video... also please upload a video on how to book closure entries of GST in tally .. many of us are facing this issue
Well explained 👌......I am CA still getting lot's of information from your videos....Keep it up 👍
Also try to explain all entries as per practical scenario only as you did in this.
awesome , ty somuch very clear now
Hello,very nice video sir,thank you
Nice video thanks sir .
Thank you so much Sir,
Very well explained sir, requested you sir please provide an Excel sheet.
Bhaiya please advise the date of entry. Ineligible itc claim last year, reversed in July CY, entry of itc trf to gst exp prv year or CY, entry can be modified for PY year. Please advise
Thank You so much Sir ☺
or ek puchna he sir agar TDS deduct ho raha he kya to bhi advance tax pay karna jaruri he
Mast ❤
To Sir Capital me se adjust karte hai na Income Tax ko
Great 🙏
Refund Wale ledger ko under group kya hoga Sir
Indirect income????
Sir I repeat my question
Refund Wale ledger ka under group kya hoga assets or income???
Could you please make video for finalizing book of accounts in case of corporate entities?
Sir please gst registration ka new video kab aayega.
Have few queries
1. What if ITR is processed with extra refund amount (may be due to some extra allowance by ITD) in comparison to refund amt eligible as per books.
2. Tax compution is dependent on Net profilt as per P&L acct and Net profit as P & L acct is dependent on provision entry..both things are dependent on each other..how to add back provision in tax computation
3. In next year when self asst tax is paid at the time of filing ITR, then this lexger will also reflect in p&l acct in next year and provision for IT will also reflect in ITR..Am i correct..If yes how it is shown in schedule III for corporates and in non corporate entity.
4. How to adjust books if return processed with no refund and no demand whereas as per books amt refundable is 69100.. and how to adjust when 143(1) is having refund exactly as per books after adjusting adv tax and TDS receivable but later 143(3) demand is raised..and it is final to pay..how to bring demand payable in books and which ledger and its presentation.
Regards
Thanks sir ji 🙏
Thank You Sir
Thanks Sir, but kindly to be clear refund balance in books. In next year refund shows cr balance in books
Can we pass an entry of refund due on year end 31.3.23
IT Refundable 22-23
Provision for Income Tax
To Advance Tax
To TDS Receivables 22-23
Nice
Sir Company Balance Sheet Overview Matlab Kaise Hoti Hai is Par Ek Video Banaye Sir
Sir Please Make Live September-22 GSTR3B Video Because There Is Still Confusion for Claiming ITC ☺️🙏
Thanks Sir
Hi sir, very nice presentation. Please share the excel sheet
Refund ka account kis ledger group mein banega?
sir E commerce course mai e commerce ki accounting pr bhe video bnaa de jeye
Sir can u send me this excel sheet for knowledge perpose
Please share advance tax calculation link on discription
Self assessment ke grouping nahi batayi
Sir letter of credit per yek video bana dijiye with all entrys
Please provide excel sheet
Pt registration and return working and filling video kijiye sir
Sir My Request To u Please Make A propper video on Online Free Tds Filing. Please🙏🙏🙏
provision for income tax is a prior period item as per AS 5
❤️❤️❤️❤️🔥🔥🔥🔥
Sir, tax audit kya clients kisi tax professional se kara sakte hai??
No, Only Chartered Accountant can do Tax Audit in Income Tax.
Sir very informative video i have all ready purchased your courses in this one point is missing that interest on refund how to pass this entry and self assessment entry with example ...
It will be entered in PnL once the return process.
Self assessment tax is just opposite of refund.
Have u purchased course
but sir tax ke provision ki entry tally me karenge p &l ko debit karnenge to net profit kam dikhega jo ki actual me he nahi( sir mene kay dekha he ki tax ke provision ki entry tally me nahi karte he jo advance tax pay kiya he uska ek ledger banake current assets me rakhte he or books ko final karne ke bad tally se net profit ko capital me transfer karte he jo tax aaya usko advance tax ke ledger ke sath adjust karte he or ye simple bi lagta he or tds tab tak khada rehta he assets me jab tak refund nahi aata jab refund bank me aata he to tds ke ledger ko credit karke bank ko debit dikha dete he
P&L income tax paid - tax for the year under head
Correct answer
@@sattu235 👍
How to join the course of non corporate entities ITR filing?
How to make payment
Please visit our website to enroll in the course
Entry in tally
Non Corporate bol raje ho baar baar, ye not corporate hai ky, non corporate main Differed Tax hota hai kya.
how can i get this sample excel sheet which is used in this video for future reference when we passed entry.. thanks a lot for giving us best knowledge in ITR & GST and other topic in very simple words with example ...Great Sir...
Excel is available in Accounting course and Non corporate entities financial course
😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊😊
Sir excel sheet share with us 🙏
Excel is available in our courses only
Why entry Provision for Income Tax
To get the correct profit for year
taaki tum saara Paisa khatm na kardo,tax bharne ka time aya or tumhare pas tax bharne ke paise hi na ho,yha situation na hojae
August months me 50000 ITC jyada le liya by mistake SEPTEMBER ka return me adjust kaise hoga 🙏🙏🙏 please sir help me..... I m big fan of you
reverse kar do sir ab September ki return m or penalty 18% k hisab sa pay kar do no tnsn
Ab Sept ke 3b me utna amount kam daal dena
@@UniversalTechzOfficial 3b me 50000 itc kam dal du isse koi dikkat to nahi hoga
@@UniversalTechzOfficial ya mujhe koi penalty lagega
@@786sujat penalty nahi but I think apko iske upper interest pay karna pad sakta h @28%
Kuch samajh me nahi aya.