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Tally head (Accounts)

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This query is : Resolved


( Author )
26 July 2012

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


Amol S. Joglekar.

( Expert )
26 July 2012

For proprietor, it should go to DRAWINGS. For company form, open income tax paid account under current asset.


BHARATH KUMAR RAMAKUNJA

( Expert )
26 July 2012

in companies . it should be provission made in 31/03/2012. so you have debit that provision for income tax .


Amol S. Joglekar.

( Expert )
26 July 2012

First debit it to income tax paid. The journal entry be passed on year end to transfer to provision account.


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