How is the treatment of income tax paid?
This query is : Resolved
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
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
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.
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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