interest on income tax
This query is : Resolved
Kamlakanta Behera
(Querist)
08 September 2010
How to book interest on income tax in the books of accounts
08 September 2010
suppose total payment of income tax is Rs. 100000.00 and interest is rs 5000.00
than u have made the payment of Rs. 105000.00
entry should be like this:
P&L account Dr.100000.00
to provision for income tax 100000.00
proviion for income tax Dr.100000.00
interst account Dr. 5000.00
to advance tax/self assementtax 105000.00
than u have made the payment of Rs. 105000.00
entry should be like this:
P&L account Dr.100000.00
to provision for income tax 100000.00
proviion for income tax Dr.100000.00
interst account Dr. 5000.00
to advance tax/self assementtax 105000.00
CMA Ramesh Krishnan
(Expert)
08 September 2010
yes. the above entries can be passed for interest on income tax
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