![]() depreciation booked in books of accounts and depreciation allowable as per income tax rules) taxable income arrives. After adjusting necessary items from gross profit, (e.g. Therefore, today I am covering some of the most important accounting entries and concepts related to income tax provision, TDS and advance tax.īefore going to understand the taxation entries, we should clear the various heads relating to Income Tax. The actual taxation entries are most important things as they clear the Balance sheet picture and gives real result. ![]() Hence everybody is focused on finalisation of their books of accounts. As we all know, we are at the end of our financial year.
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