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 58,344

Жыл 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.
Excel sheets are available in our course only.
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Пікірлер: 86

@atuldoshi1642 3 ай бұрын

Sir aapka theory explanation bahut aachha hai aur practical example awesome you are excellent among all KZfaq videos

@manishsurve22 Жыл бұрын

Sir aapki Teaching Concept Bilkul hi Excellet hai... Please go on....

@harshchopra9158 9 ай бұрын

Too good brother .. simplified and explained in best possible way .. respect😊

@nikhatpraveen82 7 ай бұрын

You teaching style and your content is so helpfull for us than you so much sir

@shiwaniagrawal6610 Жыл бұрын

This is the best channel for learners

@dragonballz3040 Жыл бұрын

your online course is awesome

@RadhePanchal-gm7rf Жыл бұрын

Thanks a ton Sir!!! Hatsoff to you for your efforts🙌🙌🙌

@Educationcom-ys7sx Жыл бұрын

Bohot din se khoj Raha tha finally ye video mila jisme Jo bhi doubts the sare clear ho gye Thank you from CMA Fraternity

@ravikumar1005 Жыл бұрын

I am vast learning ur video....tqsm

@ManojKumar-11826 Жыл бұрын

Good and simple explanation ☺️

@itsRitu-kg7ey 9 ай бұрын

You are doing really well.

@shadabquraishi5261 Жыл бұрын

Thank you sir very use full video

@mdimdad5025 11 ай бұрын

nicely explained.....thank you.

@adityabajaj6649 Жыл бұрын

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

@MohitYadav-tl4ev Жыл бұрын

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.

@sindhulakshmi1340 8 ай бұрын

awesome , ty somuch very clear now

@sarikapanchal6956 11 ай бұрын

Hello,very nice video sir,thank you

@kansingh5968 Жыл бұрын

Nice video thanks sir .

@anirbanpatra6898 Күн бұрын

Thank you so much Sir,

@dineshchauhan5871 Жыл бұрын

Very well explained sir, requested you sir please provide an Excel sheet.

@shubhankarkarmakar6477 Жыл бұрын

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

@vidhitachhablani8699 Жыл бұрын

Thank You so much Sir ☺

@satishzone 9 ай бұрын

or ek puchna he sir agar TDS deduct ho raha he kya to bhi advance tax pay karna jaruri he

@balkrishnavengurlekar8520 5 ай бұрын

Mast ❤

@jaynandangiri4401 Жыл бұрын

To Sir Capital me se adjust karte hai na Income Tax ko

@pradeeprastogi3777 Жыл бұрын

Great 🙏

@itsvinitsingh 3 ай бұрын

Refund Wale ledger ko under group kya hoga Sir Indirect income????

@itsvinitsingh Ай бұрын

Sir I repeat my question Refund Wale ledger ka under group kya hoga assets or income???

@chhharsha 11 ай бұрын

Could you please make video for finalizing book of accounts in case of corporate entities?

@akashmathematicsclass-7396 Жыл бұрын

Sir please gst registration ka new video kab aayega.

@abhinandanjain8502 Жыл бұрын

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

@shrikantpise8436 Жыл бұрын

Thanks sir ji 🙏

@jyotirajput5809 Жыл бұрын

Thank You Sir

@beenabhatia7230 Жыл бұрын

Thanks Sir, but kindly to be clear refund balance in books. In next year refund shows cr balance in books

@PriyaSingh-nr8kr 11 ай бұрын

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

@akshaygawade5828 6 ай бұрын

Nice

@swapnilpachpande1176 Жыл бұрын

Sir Company Balance Sheet Overview Matlab Kaise Hoti Hai is Par Ek Video Banaye Sir

@ashfaqueshaikh8684 Жыл бұрын

Sir Please Make Live September-22 GSTR3B Video Because There Is Still Confusion for Claiming ITC ☺️🙏

@TheNayanshetty Жыл бұрын

Thanks Sir

@aaryanplus Жыл бұрын

Hi sir, very nice presentation. Please share the excel sheet

@aayushagarwal8883 Жыл бұрын

Refund ka account kis ledger group mein banega?

@dragonballz3040 Жыл бұрын

sir E commerce course mai e commerce ki accounting pr bhe video bnaa de jeye

@AkramAnsari-rg9dm Жыл бұрын

Sir can u send me this excel sheet for knowledge perpose

@umashankar400 Жыл бұрын

Please share advance tax calculation link on discription

@sunnykhowal3311 Жыл бұрын

Self assessment ke grouping nahi batayi

@anilghulanawar1239 Жыл бұрын

Sir letter of credit per yek video bana dijiye with all entrys

@vazeermohammed8881 Жыл бұрын

Please provide excel sheet

@saurabhgogawale9528 Жыл бұрын

Pt registration and return working and filling video kijiye sir

@wellwisher0 Жыл бұрын

Sir My Request To u Please Make A propper video on Online Free Tds Filing. Please🙏🙏🙏

@AmitVerma-vl8dz Ай бұрын

provision for income tax is a prior period item as per AS 5

@dragonballz3040 Жыл бұрын

❤️❤️❤️❤️🔥🔥🔥🔥

@ABHISHEK-237 Жыл бұрын

Sir, tax audit kya clients kisi tax professional se kara sakte hai??

@FinTaxPro Жыл бұрын

No, Only Chartered Accountant can do Tax Audit in Income Tax.

@ajay.pujara Жыл бұрын

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 ...

@FinTaxPro Жыл бұрын

It will be entered in PnL once the return process.

@FinTaxPro Жыл бұрын

Self assessment tax is just opposite of refund.

@aakashpawar676 10 ай бұрын

Have u purchased course

@satishzone 9 ай бұрын

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

@gandharvatodankar8022 6 ай бұрын

P&L income tax paid - tax for the year under head

@sattu235 2 ай бұрын

Correct answer

@satishzone 2 ай бұрын

@@sattu235 👍

@aaryanplus Жыл бұрын

How to join the course of non corporate entities ITR filing? How to make payment

@FinTaxPro Жыл бұрын

Please visit our website to enroll in the course

@adambulandshahr Жыл бұрын

Entry in tally

@RAJENDRAKUMAR-gp2yd 5 ай бұрын

Non Corporate bol raje ho baar baar, ye not corporate hai ky, non corporate main Differed Tax hota hai kya.

@ajay.pujara Жыл бұрын

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...

@FinTaxPro Жыл бұрын

Excel is available in Accounting course and Non corporate entities financial course