if Advance Tax is diposited by u Rs.200000/-
TDS Deposited Rs.100000/-
Assesment tax raised by It depart ment Rs.350000/-
What will be the Journal entries?
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Answer Posted / sridhar
income tax a/c 350000
to advance tax 200000
to tds received 100000
to final assessment tax 50000
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The CST assessement for the FY 2006-07 is completed on 31-3- 2010 and the same is received by dealer on 22-4-10. The question is that the dealer colud not produced the original H Forms at the time time asst. except the photostat copies filed. But the CTO not allowed and calculate tax at net 4% on H Forms turnover. CTO is saying that it is time barred by 31-3-10. Therefore even after produced we can not revise. We filed with case laws that it can be revised But when it is time barred it canot be. Therefore I request You to help the dealer ANYCASE LAW is there in the above case Pl. guide us.
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