How to book Provision for Income Tax | Income Tax Adjustment Entry | Account Finalization
Vložit
- čas přidán 16. 05. 2024
- 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.
Notes are part of paid course
👨🏻🎓Practical Courses-
👉🏻ITR, GST & TDS (Tax Combo) - fintaxpro.in/Combo
👉🏻Account Finalization - fintaxpro.in/Accounting
👉🏻ROC eFiling - fintaxpro.in/courses/roc/
👉🏻Trademark e Filing Course - fintaxpro.in/TM
👉🏻Taxation for Share Market - fintaxpro.in/share
👉🏻GST Course - fintaxpro.in/GST
👉🏻ITR & TDS Course - fintaxpro.in/ITR
👉🏻Excel Course - fintaxpro.in/Excel
👉🏻Taxation for Online Sellers - fintaxpro.in/online
👉🏻Balance Sheet & PnL Finalization - fintaxpro.in/BstPnL
👉🏻All in one Combo Course - fintaxpro.in/All
📞7827521794 (For Course queries only)
📞For GST Filing, ITR Filing, Trademark Filing, Trademark Reply, Company Incorporation, ROC Compliance, DSC, Project report, MSME Certificate and other related services call us at 9718097735 or 7048930220
📍Buy class 3 DSC with 2 years @1250 - fintaxpro.in/dsc/
📍Utilities
👉Buy GST computation imojo.in/jy67ZG
👉Buy TDS Calculator imojo.in/5Jv0gj
👉Buy amazon profit calculator imojo.in/1FkCqbs
👨🏻🎓For Magazine - fintaxpro.in/newsletter/
📩info@fintaxpro.in
Telegram channel - t.me/fintaxpro
Whats app channel - whatsapp.com/channel/0029VaB4...
FinTaxPro Mobile App - bit.ly/3WJ63tX
FinTaxPro Social Handles- linktr.ee/fintaxpro
FinTaxPro Studio Gear - linktr.ee/fintaxpro_gear
FinTaxPro Live - / @fintaxprolive
Disclaimer- Although all provisions, notifications, updates, and live demos are analyzed in-depth by our team before presenting to the public. We hereby provide our point of view only and tax matters are always subject to frequent changes hence advisory is only for the benefit of the general public. Hence neither Fintaxpro Advisory LLP nor its designated partner is liable for any consequence that arises on the basis of CZcams videos.
Copyright Disclosure - As per Sec 52 of The Copyright Act,1957 Fintaxpro Advisory LLP shared this video with a clear objective to educate the public at large and thus constitute the fair dealing with content for the purpose of reporting of current events and current affairs, including the reporting of a lecture delivered in public
©️Fintaxpro Advisory LLP
In this video we have discuss -
income tax provision entry
provision for income tax entry
provision for income tax
provision for tax journal entry
provision for filing return of income
what is provision for income tax
provisions of income tax act
provision for income tax journal entry in tally
provisions of income tax
income tax provision entry
income tax provision entry ay 2022-23
provision for income tax entry
provision for income tax
income tax provision entry benefits
income tax provision entry balance sheet
provision for tax adjustment
provision for income tax account
provision for tax journal entry
Kindly, explain Tax Expenses, Deferred Tax, Current Tax Calculation and Presentation as per Latest "Guidance Note on Financial Statement for Non Corporate Entities"
I also vouch for this comment
THANKS A LOT FOR CRYSTAL CLEAR EXPLANATION OF PROVISION FOR TAXATION SRI GURU CHARANAM SHARANAM MAHMA
Lovely, excellent, Master class, classic. Love you sirji ❤
Thanks a lot Sir
Thank you sir for this information ❤ its very useful
Respected sir,good information and explanation but you should add one more things interest 234A and 234b interest 234 C should show under finance expenses and same disallowed under income tax return.
Nice explanation
Good level ke. Video fintax pro
Thank you sir legend sir ji
16:47 nicely very useful video
Nice sir
Nice
Please discuss on deffered tax
Hello sir... Individual/proprietorship ke case mein provision entry karna padega ya nahi....
Sir agar mene business april 2024 m suru kiya and gst number may 2024 m liya regular. To april ko sale ka kya krna hoga? Becauze us time toere pass gst nai tha.
Please upload lecture on how to prepare cash flow statement in financial ❤
Sir old tax regime mein jane ke liye form 10ie 31 july tak file kar de uske baad yadi aug sep mein income tax return bharte hain to old tax regime mein return bhar sakte hai..
Sir please make a video on Tax expense, Deferred Tax Asset/Liability & its entries in tally.
Namaskar sir
Sir I Have applied for cancelation of gst. Now Can I revoke my gst number anyway after canceling with self application
Dear sir, ek question hai, office m ek client hai jiski february month m ₹44312 GSTR-1 m jyada dikha diya tha. Lekin jab amedment kiya hoga to amount amendment nhi kiya tha march ke gstr-1 m. to ab . May month m kaise thik kru
Please bta dijiye
FY23-24 ke liye september 2024 tak amendment kar sakte hai
explain % also of advance tax
I have made a seperate video on Advance tax please refer that
👌
please explan how to calaucation provision of income tax ????
Commission income
194H Me TDS Kata hai
800,000 Amounts ke upar 5% TDS Kata hai
ITR 3 me Kitna tak ka Expenses Bata Sakte Hai limit
What will be the provision entry when the actual tax is less then the provision created
Reduce the provision first through PnL then do adjustment entry.
Just opposite of 1st case
Bhai study visa ley ITR kesa file karta hai. Agriculture income hai please eus par video bana ji.
Aap kaha se ho? Place?
Hum itr file krte he aise case me
👍
Sir namaste
Hmne ek 5 lakh fd banai or wo 1 year m kafi bar close or open ki ab total ammount 3300000 pahunch gya and ab message recieve hua h e campaign ka usme hme jo question answer diye hain ammount recived and paid wala wo yes krna h ya no please help
Hello Sir, Income Tax Paid not allowable in Income Tax. So, we use 'Capital A/c' group for Advance Tax, TDS and SA Tax by which it reflected on Debit side of Capital A/c. You have taken 'Current Account' Group for Advance Tax, Is this Corporate style of Accounting ? Because we mostly do small traders accounting so we take 'Capital Account' group.
Income tax is just like an normal expense from accounting point of views.
small trader k case m books to ITR se match karne k liye capital account se adjust karwate hai (ispe bhi video banate h)
You Can Take Advance Tax, TDS, And SA under Loan and Advance and 31 March pass the entry Dr. Capital accunt Credit advance tax, tds, etc
Sir aesi GST ki bhi Banado
B sheet me
GST final ledger adjust with payabl e
Final JV ka bhai
Pls sir
TDS will go to the receivable group
Under sub head air bta diye comment mein of these ledger
Ye video apke staff k liye hai 😊
सर एक काम ये भी कर सकते है न -
जैसे कैपिटल 50 लाख हैं और इनकम 16 लाख हैं जिसपर इनकमटैक्स 4 लाख बन रहा हैं तो पहले 16 लाख इनकम को कैपिटल में add कर देंगे 31 मार्च को तब कैपिटल 66 लाख हो जाएगा फिर जब इनकमटैक्स का पेमेंट करेंगे तब पेमेंट के अमाउंट को कैपिटल से less कर देंगे तब कैपिटल 62 लाख हो जाएगा
Income tax dr
To provision for tax cr.
Ye entry hota h provision ka..main to ye janta hu .P/L ko dr.karke kiyu kiye...samjhaiye.samajh nehi Confusion dur kijiye
are wahi baat hui bhai. ye bhi sahi h tension not
@@fintaxprop5542 bol rahe hai income tax ka under kya hoga.. indirect expenses ya kuch aur.
And jab it department provision for tax ko p/l mein disallowed karega tab to net profit bhi change hoga!!
Tab kase calculation hoga.bataiye..
@@tanmoyacharya5934 Simple aap Capital account ko Dr . Kardo aur Provision for Income tax credit kardo