Essay On Provisions Of The Income Tax Act

Handling Income Tax Example: Advance Tax, Provision for Tax and Entries subsequent to AssessmentCase 1 – Advance tax, provision for tax and assessed tax being the same amounts Financial Year 2009-10Closing Balance of Advance Income Tax (Asset) = 40[1]Provision for Income Tax (Liability) = 40Financial Year 2010-111. The company paid advance tax of 25 for this.