Income tax and house tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2012 I need to make some entries in tally of paying income tax and house tax...the problem is that i dont know that how to make entry in tally..
i request that someone please tell me that how to make entry of both and also tell that under which head income tax and house tax would be created..

thanking u..

CA Amit Jaiswal

CA Amit Jaiswal (Expert)
Follow

10 August 2012 First of all you have to create ledgers for Income Tax and House Tax. Create these under Capital A/c as these are personal expenses just like drawings.

You must have a ledger of Bank A/c from which the payment is to be made.

Now, you just have to make a payment entry by debiting the Tax A/c and Crediting the Bank A/c.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

10 August 2012 Cant both entry be created under Duties & Taxes???

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
Follow

31 July 2024 Income Tax and House Tax are typically categorized under "Duties & Taxes" because they are both considered taxes. However, in accounting practices, it's often clearer to separate them into distinct ledgers for better tracking and reporting.
Income Tax is a direct tax and is better classified separately under "Duties & Taxes" as it specifically pertains to income tax liabilities.
House Tax (or Property Tax) can also be classified under "Duties & Taxes" or a custom category like "Taxes Paid" if you want to track it separately.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

John Ravindran Moses

ABHISHEK AGRAWAL

Prashant Kotecha

Sanjay Ratnani

Vinod Patil

Subscribe Now

Income tax and house tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA