Advance Income tax Entry


This query is : Resolved 

Quick Summary
This discussion addresses how to properly record advance income tax payments in accounting software. It clarifies that a new ledger account might be needed, and suggests the correct journal entry involves debiting 'Income Tax Payable' and crediting 'Bank' or a specific provision account for the relevant assessment year.

(Querist)
30 December 2022 How to pass Advance tax paid entry in books, Only "income Tax Receivable" account is available
please assist.

30 December 2022 You may create a new ledger for that..

Rajshree (Querist)
30 December 2022 Entry would be Income Tax Payable -Debit To Bank..right?


30 December 2022 Rather.... Income tax provision for AY2023-24..


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