Entry for income tax paid

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This query is : Resolved

Divya Saravanan (Querist)

25 November 2017 Dear Sir,
I want to know how to pass the entry for Income Tax paid for FY 16-17 for partnership firm. Kindly guide me. Thanking you

RAJA P M

RAJA P M (Expert)

25 November 2017 Have you balance sheet for FY 2016-17 in your hand...?

The profit portion divided based on Partners shares. You ll be divide the IT paid amount as same percentage of share and transfer to Partners Current A/c (Capital Account).

So, Simple...

Message likes : 1 times

Divya Saravanan

Divya Saravanan (Querist)

25 November 2017 THANK YOU SO MUCH SIR.

RAJA P M

RAJA P M (Expert)

25 November 2017 You are Most welcome...

Divya Saravanan

Divya Saravanan (Querist)

25 November 2017 DEAR SIR,
ONE MORE DOUBT ON GST , I AM HAVING 200 RS AVAILABLE BALANCE AT CASH LEDGER HOW TO MAKE ENTRY IN TALLY
THANK YOU

RAJA P M

RAJA P M (Expert)

25 November 2017 Are you vouching previous steps like Input & Output...?

Divya Saravanan

Divya Saravanan (Querist)

25 November 2017 YES SIR, I COMPLETE ALL THOSE ENTRIES (INPUT TAX+OUTPUT TAX) . LAST MONTH I PAID 200 FOR PENALTY CHARGES THAT AMOUNT REVERSED IN MY CASH LEDGER A/C

Message likes : 1 times

RAJA P M

RAJA P M (Expert)

25 November 2017 Once again you ll be reverse in your Input Tax heads (CGST & SGST)

Message likes : 2 times

Divya Saravanan

Divya Saravanan (Querist)

27 November 2017 THANK YOU ONCE AGAIN

RAJA P M

RAJA P M (Expert)

27 November 2017 You are welcome...

Divya Saravanan

Divya Saravanan (Querist)

29 November 2017 DEAR SIR,
I NEED ONE CLARIFICATION AT GST, FOR TWO WHEELER MAINTENANCE , THAT IS OUR OFFICE BIKE, RECEIVED BILLING IN OUR COMPANY NAME ONLY SHALL I TAKE INPUT CREDIT?

RAJA P M

RAJA P M (Expert)

29 November 2017 What is the meaning of "Office Bike and Company Name"...? Any difference for Office and Company...?

Divya Saravanan

Divya Saravanan (Querist)

29 November 2017 SORRY SIR, MISTAKENLY ENTERED , BIKE REGISTERED IN THE COMPANY NAME. THE BILL WAS OBTAINED BY THE SAME NAME

RAJA P M

RAJA P M (Expert)

29 November 2017 Yes... If your GSTIN in that bills then Yes. You can....

Divya Saravanan

Divya Saravanan (Querist)

29 November 2017 SIR THANK YOU SO MUCH