Income tax payment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2011 hello expert please guide me,,

Propriter paid rs 6000.00 income tax in f.y.2011-12 for f.y.2010-11

what will be entry in books of account....

and what will be account entry for partnership firm if paid by firm's bank as mention above,,

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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19 August 2011 This is an Advance tax payment. need to be debit in Advance tax-FY-2011-12 and Credit Bank

In firm cases also the same entry

Querist : Anonymous

Querist : Anonymous (Querist)

19 August 2011 it is not advance tax payment sir,

it is paid in accounting year 2011-12 for accounting year 2010-11

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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19 August 2011 please refer your 1st query correctly

In case income tax paid for financial year 2010-11, the same need to be shown as deduction from capital in case of proprietorship concern. so pass the entry

Dr: Captial a/c
Cr: Bank a/c
Narration clearly mention income tax payment for the year 2010-11

In case of partnership firm create one separate Income tax account under Profit & loss a/c and debit there

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