Please can anyone tell me the accounting entry for the Income Tax Paid Under the Tax Demand u/s 154 ???????????
How we ll account for this in tally
CA Preeti Joshi (CA Job) (25 Points)
21 January 2013Please can anyone tell me the accounting entry for the Income Tax Paid Under the Tax Demand u/s 154 ???????????
How we ll account for this in tally
Ankit
(CA, CS)
(3064 Points)
Replied 21 January 2013
Preeti,
you can adjust it to the tax relating to that year in the balance sheet
Tax payable A.Y ____ Dr
to Bank a/c
and then finally transfer the whole amount to capital a/c once the asst is fully over
CA Preeti Joshi
(CA Job)
(25 Points)
Replied 21 January 2013
But Tax has already been paid in relation to Ay 2010-11, And it has been paid in ay 2013-14...
Ankit
(CA, CS)
(3064 Points)
Replied 21 January 2013
yes that is correct, but then you will have the amount of tax pertaining to 10-11 standing in the balance sheet no...you can add this amount to that account and then finally transfer it to capital account
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