How to book Provision for Income Tax | Income Tax Adjustment Entry | Account Finalization
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.
Notes are part of paid course
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Пікірлер: 50
Kindly, explain Tax Expenses, Deferred Tax, Current Tax Calculation and Presentation as per Latest "Guidance Note on Financial Statement for Non Corporate Entities"
@theoblanca1062
2 ай бұрын
I also vouch for this comment
THANKS A LOT FOR CRYSTAL CLEAR EXPLANATION OF PROVISION FOR TAXATION SRI GURU CHARANAM SHARANAM MAHMA
Respected sir,good information and explanation but you should add one more things interest 234A and 234b interest 234 C should show under finance expenses and same disallowed under income tax return.
Lovely, excellent, Master class, classic. Love you sirji ❤
Thank you sir for this information ❤ its very useful
Hello sir, Please share some video on HUF return filing, Only income from other sources, mainly interest income. 87A rebate. And any other deductions.
Thanks a lot Sir
Good level ke. Video fintax pro
Nice explanation
16:47 nicely very useful video
Sir provision for income tax ki entry proprietor ke case mein nhi karte hai kya
Thank you sir legend sir ji
explain % also of advance tax
@FinTaxPro
3 ай бұрын
I have made a seperate video on Advance tax please refer that
Tds receivable books me less se form 26AS se to kya adjustment entry kre
Sir please make a video on Tax expense, Deferred Tax Asset/Liability & its entries in tally.
Dear sir, ek question hai, office m ek client hai jiski february month m ₹44312 GSTR-1 m jyada dikha diya tha. Lekin jab amedment kiya hoga to amount amendment nhi kiya tha march ke gstr-1 m. to ab . May month m kaise thik kru Please bta dijiye
@timepassgamer122
2 ай бұрын
FY23-24 ke liye september 2024 tak amendment kar sakte hai
Please upload lecture on how to prepare cash flow statement in financial ❤
Please discuss on deffered tax
What will be the provision entry when the actual tax is less then the provision created
@fintaxprop5542
3 ай бұрын
Reduce the provision first through PnL then do adjustment entry. Just opposite of 1st case
Nice sir
Sir old tax regime mein jane ke liye form 10ie 31 july tak file kar de uske baad yadi aug sep mein income tax return bharte hain to old tax regime mein return bhar sakte hai..
Hello sir... Individual/proprietorship ke case mein provision entry karna padega ya nahi....
Namaskar sir
please explan how to calaucation provision of income tax ????
Sir I Have applied for cancelation of gst. Now Can I revoke my gst number anyway after canceling with self application
Sir agar mene business april 2024 m suru kiya and gst number may 2024 m liya regular. To april ko sale ka kya krna hoga? Becauze us time toere pass gst nai tha.
Commission income 194H Me TDS Kata hai 800,000 Amounts ke upar 5% TDS Kata hai ITR 3 me Kitna tak ka Expenses Bata Sakte Hai limit
Nice
Under sub head air bta diye comment mein of these ledger
Bhai study visa ley ITR kesa file karta hai. Agriculture income hai please eus par video bana ji.
@kishanamin8307
2 ай бұрын
Aap kaha se ho? Place?
@kishanamin8307
2 ай бұрын
Hum itr file krte he aise case me
Sir aesi GST ki bhi Banado B sheet me GST final ledger adjust with payabl e Final JV ka bhai Pls sir
Sir namaste Hmne ek 5 lakh fd banai or wo 1 year m kafi bar close or open ki ab total ammount 3300000 pahunch gya and ab message recieve hua h e campaign ka usme hme jo question answer diye hain ammount recived and paid wala wo yes krna h ya no please help
TDS will go to the receivable group
सर एक काम ये भी कर सकते है न - जैसे कैपिटल 50 लाख हैं और इनकम 16 लाख हैं जिसपर इनकमटैक्स 4 लाख बन रहा हैं तो पहले 16 लाख इनकम को कैपिटल में add कर देंगे 31 मार्च को तब कैपिटल 66 लाख हो जाएगा फिर जब इनकमटैक्स का पेमेंट करेंगे तब पेमेंट के अमाउंट को कैपिटल से less कर देंगे तब कैपिटल 62 लाख हो जाएगा
Hello Sir, Income Tax Paid not allowable in Income Tax. So, we use 'Capital A/c' group for Advance Tax, TDS and SA Tax by which it reflected on Debit side of Capital A/c. You have taken 'Current Account' Group for Advance Tax, Is this Corporate style of Accounting ? Because we mostly do small traders accounting so we take 'Capital Account' group.
@fintaxprop5542
3 ай бұрын
Income tax is just like an normal expense from accounting point of views. small trader k case m books to ITR se match karne k liye capital account se adjust karwate hai (ispe bhi video banate h)
@SanjeetKumar-mp7oy
3 ай бұрын
You Can Take Advance Tax, TDS, And SA under Loan and Advance and 31 March pass the entry Dr. Capital accunt Credit advance tax, tds, etc
Ye video apke staff k liye hai 😊
👌
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Income tax dr To provision for tax cr. Ye entry hota h provision ka..main to ye janta hu .P/L ko dr.karke kiyu kiye...samjhaiye.samajh nehi Confusion dur kijiye
@fintaxprop5542
3 ай бұрын
are wahi baat hui bhai. ye bhi sahi h tension not
@tanmoyacharya5934
3 ай бұрын
@@fintaxprop5542 bol rahe hai income tax ka under kya hoga.. indirect expenses ya kuch aur. And jab it department provision for tax ko p/l mein disallowed karega tab to net profit bhi change hoga!! Tab kase calculation hoga.bataiye..
@SanjeetKumar-mp7oy
3 ай бұрын
@@tanmoyacharya5934 Simple aap Capital account ko Dr . Kardo aur Provision for Income tax credit kardo