I HAVE DEPOSITED INCOME TAX AS PROPRIETOR ON 16-7-2012.
1 IS IT INDIRECT EXPENSIVE IN TALLY HEAD ? OR
2 IS IT CAPITAL AC (-) ?
EXPLAIN GROUP HEAD IN TALLY
For proprietor, it should go to DRAWINGS. For company form, open income tax paid account under current asset.
in companies . it should be provission made in 31/03/2012. so you have debit that provision for income tax .
First debit it to income tax paid. The journal entry be passed on year end to transfer to provision account.