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If Advance deposited Rs.200000/-, TDS diposited Rs.100000/-
& Provision for Income Tax is Rs.250000/- but It department
raise the Assessment Tax is Rs.350000/-. What will be the
journal entries?
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Answer Posted / pawan chavhan
provision for IT 250000
I.T for the earlier year 100000
Income tax payable 50000
TDS receivable 100000
Advance tax 200000
--------------------------
350000 350000
( being advance tax and tds receivable adjusted with provision of I.T)
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