Entry
Querist : Anonymous
Income tax paid by some one else
pl suggest me
how would be the entry & under which group?
i need both entries
Payment & journal.
Thanks
If tax of A is paid by B,
entries in the books of A will be,
1.) when tax is paid by B on A's behalf,
Journal entry,
Income Tax Advance Dr.XXX
To B (under loan, liabilities) Cr.XXX
2.) when A makes this payment to B,
Payment entry,
B A/c. Dr.XXX
To Cash / Bank Cr.XXX
Regards,
Devanand
Querist : Anonymous
and i have to make entry for Income Tax payable for FY-11-12
the said entry i have to make in current year or i have to make it in relavent year only.
pl suggest
pl suggest me how will i make entry in journal and in which under group?
Thanks
If it is self asst. tax then instead of 'income tax advance' debit 'income tax account' (under indirect expenses)
Regards,
Devanand
Querist : Anonymous
in earlier quetion Income Tax Advance
would be under group Loans & Advances?
Click here to login now
Similar Resolved Queries
- Opting our of sec 44AD
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Regarding TDS Applicability For Director Remuneration
- LC charges in relation to Asset purchased should be Capitalised ?
- Transporter Declaration form
- Value of property in capital gain
- Multiple trade mark
- Copyright software
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- RULE 86B APPLICABILITY IN QRMP TAX PAYER
- Regarding appeal to GSTAT
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
