Advance Income tax Entry

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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.

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

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Dhirajlal Rambhia (Expert)
30 December 2022 You may create a new ledger for that..
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Rajshree

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

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Dhirajlal Rambhia (Expert)
30 December 2022 Rather.... Income tax provision for AY2023-24..
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