Income tax entry in which a/c
This query is : Resolved
12 December 2014
JAY SHRI KRUSHNA
I am individual person Who have small business. Last year I was paid rs.15,000 as income tax on 2 june 2014.
I like to know in which a/c I enter this rs.15000 entry. In income and expenditure account or in my drawings account ( money sepend for my self not for my business ) .
Watting for your Kind reply.
I am individual person Who have small business. Last year I was paid rs.15,000 as income tax on 2 june 2014.
I like to know in which a/c I enter this rs.15000 entry. In income and expenditure account or in my drawings account ( money sepend for my self not for my business ) .
Watting for your Kind reply.
12 December 2014
if u recieved it from department then income tax refund a/c and then it will be routed to capital account credit side else on debit side.
12 December 2014
It was not recived. I was paid this amount as my income tax. now I like to know where can I enter this amount ( income and expenditure account or drawings in accounting )
CA R SEETHARAMAN
(Expert)
12 December 2014
Enter in drawing account.
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12 December 2014
firstly dont say " i waspaid..." it means income tax dept paid u as refund..."
no u cannot first take it to income and expenditure as its ur personal exp and not busienss so capital account only has to be used.
no u cannot first take it to income and expenditure as its ur personal exp and not busienss so capital account only has to be used.
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