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Income tax entry

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(Querist)
15 February 2014 sir I am working the propriter firm. they paid the income tax for the year 2012-2013 how to pass the income tax entry please
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
15 February 2014 normally tax in proprietorship firm is routed through capital account. so you debit credit the tax a/c and debit capital a/c..while paying tax, debit tax a/c and credit bank a/c

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