Accounting treatment of Provision for Income Tax
Current Year Create Provision for Income tax for the amount of Current Tax along with the Interest amounts u/s 234A,234B,234C Accounting Entry 1. Provision for Income tax Current Tax(P&L) Dr To Provision for Income Tax(Liability) 2. Advance Tax Entry Advance Tax (Asset) Dr To Bank account 3. TDS Receivable Entry TDS Receivable (Asset) Dr Debtor…