How to book Provision for Income Tax | Income Tax Adjustment Entry | Account Finalization

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.

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