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.

Renu Goyal (Expert)
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

Renu Goyal (Expert)
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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