Advance tax tally entry

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Advance tax is recorded under current assets. Entry is Advance Tax Dr and Bank Cr. At year end, adjust by debiting income tax paid and crediting advance tax, TDS, and any tax payable.

Kristen

Kristen (Querist)
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25 June 2017 CAN ANYONE TELL ME THE ENTRY OF ADVANCE TAX/TDS TALLY ENTRY (UNDER WHICH GROUPS IT WILL COME)?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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25 June 2017 Create ledger advance tax a/c for the respective financial year under Current asset and debit that a/c

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KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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25 June 2017 Advance tax Dr
Cr Bank

During tax adjustment at the end of year

Income tax Paid Dr
Cr Advance tax
Cr TDS ( If Any)
Cr income tax payable (If Any)

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