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Reports and compliance

The company's own tax: the estimate, the instalments and the demands

The year's taxable income worked out from the books line by line — what is added back, what is deducted, the credits already suffered — then the four advance-tax instalments with their shortfall and interest, the challans posted, and any demand tracked to its end.

Menu → Income tax. The tax on the hotel's *guests* was always here. The tax on the company was the accountant's to work out in a spreadsheet and type in as a payment. This works it out from the books and posts it.

The year's estimate: book profit, the additions and deductions by name, the taxable income, the tax, and the credits against it.
The year's estimate: book profit, the additions and deductions by name, the taxable income, the tax, and the credits against it.

Do this

  1. Pick the financial year and the company, and Work it out. The book profit comes from the ledger — the year to date, and the year annualised.
  2. Add the additions and deductions as named lines: depreciation as per books added back and as per the Act deducted, disallowances, items allowed only when paid, donations, losses carried forward. Each line carries its own reason; the taxable income is derived, never typed.
  3. The rate, surcharge and cess apply, and the credits come off — the TDS the company has suffered (matched against 26AS), the TCS, and the advance tax already paid. What is left is what is owed.

The four instalments

The statutory dates — 15 June, 15 September, 15 December, 15 March — each with the cumulative share the law asks for (15, 45, 75, 100 per cent), what the estimate says was due by then, what was actually paid, the shortfall, and the interest that 234B and 234C would run on it, with the rule written on the row so the accountant can argue with the number rather than guess at it.

Challans, and what comes back

A challan records a payment — advance, self-assessment, regular or against a demand — with its BSR code, serial and date, split into tax, interest and fee. Posting it debits *advance tax and taxes paid* and credits the bank: until the return is filed it is an asset, not an expense. At the year end the provision is made, and the provision and the advances are netted on the balance sheet.

26AS / AIS imports the statement the department holds and matches it against what the books say was suffered — the differences are the list to chase. Demands under 143(1) or 156 are tracked with their amount, what was paid or disputed, and how they ended.

The due dates for all of it sit on the compliance calendar; this screen is where the money behind each one is worked out.

More in Reports and compliance

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