Accounting entries for interest payable u/s 234a, b and c

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 January 2018 Please provide me with the Journal Entries of Interest payable for posting the same in Tally.

09 January 2018 Pass entry for interest u/s 234A, 234B,234C at the time of passing transfer entry for payment of income tax against provision for income tax.
Entry would be:
Provision for Income Tax
Income Tax for earlier years
To Income Tax Payable/Bank
To TDS
To Advance Tax

09 January 2018 Income Tax for earlier year(interest amount) will go under P&L appropriation in tally

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 January 2018 I am unable to classify the Interest Account under P&L Appropriation. Please help.

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 January 2018 Got it!
We debit P and L A/c and Credit it to Interest Account.

Thanks!


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