Advance tax
This query is : Resolved
rajalakshmirao
(Querist)
26 November 2011
sir/madam
payment for advance tax
advance tax dr
bank a/c
finally how can we close the advance tax for yr ending transfer to capital a/c or create provision for current finanicial year
payment for advance tax
advance tax dr
bank a/c
finally how can we close the advance tax for yr ending transfer to capital a/c or create provision for current finanicial year
CA Ashwani Agarwal
(Expert)
26 November 2011
You have to debit it to the capital a/c at the end of the financial year.
Or you can first adjust it against the actual tax liability and then debit the remaining.
Or you can first adjust it against the actual tax liability and then debit the remaining.
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