After assessment of books ITO demanded to pay Rs.5000 /- what
will be the journal entry

Answer Posted / tapan

PROFIT & LOSS a/C DR 5000
TO PROVISION FOR TAX 5000

Is This Answer Correct ?    1 Yes 4 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

if i have a educational loan on my name, can i show for tax exemption on current year income tax? Is it applicable for tax exemption (educational loan)

1832


My client is a Partnership Firm and was converted in to the Pvt. Company. Now, the Question is that the both the entity i.e. Partnership Firm and Company entitled to get the Depreciation of Proportionarate basis, they used the Assets? I reffered to the Income TAx Act, there is no any specification regarding the convertion only the amalagamation and merger.

1696


hi,when i am posting an entry on service tax it is not showing the business area.please guide me how to configure the business area so that the entry also shows the business area.please help as i need to configure it.

1765


Can Guradians (other than parents) be dependents and can we get exemption on them at Taxation part like Medical, LTA and Sec 80DD? Pls Comment.?

1577


My unit is a manufacturing unit and deals in Auto-parts and registered in Central Excise,Service Tax and Sales Tax. Now,we intend to import machines in the company for sale them in Local market.What procedures we have to follow for the aforesaid purpose?

1696






What is DSCR and how to calculate the same.

3641


what about WCT (Work Contract Tax)

1698


WHEN I AM DOING 1ST TIME VAT RETURN E-FILLING, WHAT IS PROCESS FOLLOW HOW GET E-RETURN FILLING PERMISSION HOW APPLY FOR GET THE USER I.D & PASSWORD FOR E-RETURN FILLING IF ELSE, PLEASE GIVE ME THE RIGHT ANSWER ON MY E-MAIL ADDRESS ON sonidilip87@yahoo.com

1621


do we have tds in nigeria

2722


what is CST % applicable on garments sales to other state?

1422


in relation to pioneer industries, explain the following terms:1,production day. 2,certificate of qualify expenditure. 3,income tax relief. 4,pioneer certificate 2. list seven pioneer industries which fall under pioneer status as contained in the industrial development act 1971

2812


what is the difference between vat 100 and vat 120?

2118


My Total CTC is 12500(not gross salary), i am living in Mysore(non-metropoliton city) what will be the take home salary after deduction? thanks in advance.

1191


Can u provided all the dues date and depositing date which are used in general manner or Income tax..

1368


Please guide us about Forms and where is it will use i.e.Form C, Form h, Form F. if other form has please guide us about of that Forms?

1664