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How is the treatment of income tax paid?

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24 June 2016 Dear,

I have paid income tax for the financial year 2014-15 is RS.7,00,000/- as on 29-09-2015.

My doubt is how is the accounting entries for this transaction?

Dr. ?????????? 7,00,000

Cr. Bank 7,00,000
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Rupesh Jain

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Rupesh Jain (Expert)
24 June 2016 if you individual/prop then dr to Capital a/c
if you are firm than Dr to the partner capital a/c in their profit & loss ration.
if you are pvt ltd/ltd co. then Dr. to Provision of income tax.
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