Advance tax
This query is : Resolved
rajalakshmirao
(Querist)
25 November 2011
sirs,
pls tell me why we are cr., advance tax and dr.to proprietor a/c i want details about advance tax
rgds
rajalakshmi
pls tell me why we are cr., advance tax and dr.to proprietor a/c i want details about advance tax
rgds
rajalakshmi
Dintakurthi Tirumala
(Expert)
25 November 2011
Any type of Income tax paid(i.e.advance tax,self assessment tax,tds or tcs) doesn't allowable as expenditure or Income incase of refund of excess tax paid but interest on the refund amount is should be income and taxable. So we have to transfer the tax payment amount to the capital a/c.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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rajalakshmirao
(Querist)
25 November 2011
thank u for ans
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