How to book Provision for Income Tax | Income Tax Adjustment Entry

How to book Provision for Income Tax | Income Tax Adjustment Entry | Account Finalization

Рет қаралды 17,504

Ай бұрын

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: 49

@amitkulkarnii Ай бұрын

Kindly, explain Tax Expenses, Deferred Tax, Current Tax Calculation and Presentation as per Latest "Guidance Note on Financial Statement for Non Corporate Entities"

@theoblanca1062 Ай бұрын

I also vouch for this comment

@nareshgohel1806 Ай бұрын

Lovely, excellent, Master class, classic. Love you sirji ❤

@pmsafee7426 Ай бұрын

Thanks a lot Sir

@saiffgbdgdhbbhvasu7518 26 күн бұрын

THANKS A LOT FOR CRYSTAL CLEAR EXPLANATION OF PROVISION FOR TAXATION SRI GURU CHARANAM SHARANAM MAHMA

@Hardev_Jadeja1 Ай бұрын

Thank you sir for this information ❤ its very useful

@rupalikapoor3159 Ай бұрын

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.

@whitedevilaayush Ай бұрын

Good level ke. Video fintax pro

@panageshrikant697 Ай бұрын

Nice explanation

@whitedevilaayush Ай бұрын

16:47 nicely very useful video

@whitedevilaayush Ай бұрын

Thank you sir legend sir ji

@whitedevilaayush Ай бұрын

Nice sir

@adityasingh694 Ай бұрын

Please discuss on deffered tax

@AB-ou7pd Ай бұрын

Nice

@aakashpawar676 Ай бұрын

Please upload lecture on how to prepare cash flow statement in financial ❤

@arvindagrawal1920 Ай бұрын

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..

@incometax7145 Ай бұрын

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.

@poojapooja-mc6ic Ай бұрын

Hello sir... Individual/proprietorship ke case mein provision entry karna padega ya nahi....

@ankitkhandelwal4826 Ай бұрын

Sir please make a video on Tax expense, Deferred Tax Asset/Liability & its entries in tally.

@72yogendra Ай бұрын

👌

@rajeshjain3804 22 күн бұрын

Hello sir, Please share some video on HUF return filing, Only income from other sources, mainly interest income. 87A rebate. And any other deductions.

@arnavaj3392 11 күн бұрын

Tds receivable books me less se form 26AS se to kya adjustment entry kre

@yogeshrawat0210 Ай бұрын

please explan how to calaucation provision of income tax ????

@Bhuayan Ай бұрын

Namaskar sir

@keshavkaiwart3424 Ай бұрын

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

@koushikmukherjee3863 Ай бұрын

Sir I Have applied for cancelation of gst. Now Can I revoke my gst number anyway after canceling with self application

@understandthewordsfeelthes3036 Ай бұрын

👍

@AIvoice_over Ай бұрын

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 Ай бұрын

FY23-24 ke liye september 2024 tak amendment kar sakte hai

@swapnilmarchande2301 Ай бұрын

explain % also of advance tax

@FinTaxPro Ай бұрын

I have made a seperate video on Advance tax please refer that

@rahulkeshri6313 Ай бұрын

TDS will go to the receivable group

@amritpalsinghsidhu814 Ай бұрын

Bhai study visa ley ITR kesa file karta hai. Agriculture income hai please eus par video bana ji.

@kishanamin8307 Ай бұрын

Aap kaha se ho? Place?

@kishanamin8307 Ай бұрын

Hum itr file krte he aise case me

@hemantagarwal958 Ай бұрын

What will be the provision entry when the actual tax is less then the provision created

@fintaxprop5542 Ай бұрын

Reduce the provision first through PnL then do adjustment entry. Just opposite of 1st case

@MAHESHPATEL-zz6bo Ай бұрын

Sir aesi GST ki bhi Banado B sheet me GST final ledger adjust with payabl e Final JV ka bhai Pls sir

@vaibhavkhanduri5660 Ай бұрын

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

@Dhirendarkumar Ай бұрын

Ye video apke staff k liye hai 😊

@amitkulkarnii Ай бұрын

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 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 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

@user-qp7wm1di8p Ай бұрын

Under sub head air bta diye comment mein of these ledger

@deepakpatel4083 Ай бұрын

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

@tanmoyacharya5934 Ай бұрын

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 Ай бұрын

are wahi baat hui bhai. ye bhi sahi h tension not

@tanmoyacharya5934 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 Ай бұрын

@@tanmoyacharya5934 Simple aap Capital account ko Dr . Kardo aur Provision for Income tax credit kardo