Tally head

This query is : Resolved

Ajay Mishra (Querist)
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26 July 2012 I HAVE DEPOSITED INCOME TAX AS PROPRIETOR ON 16-7-2012.

1 IS IT INDIRECT EXPENSIVE IN TALLY HEAD ? OR

2 IS IT CAPITAL AC (-) ?

EXPLAIN GROUP HEAD IN TALLY

Amol S Joglekar

Amol S Joglekar (Expert)
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26 July 2012 For proprietor, it should go to DRAWINGS. For company form, open income tax paid account under current asset.

CA BHARATH KUMAR

CA BHARATH KUMAR (Expert)
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26 July 2012 in companies . it should be provission made in 31/03/2012. so you have debit that provision for income tax .

Amol S Joglekar

Amol S Joglekar (Expert)
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26 July 2012 First debit it to income tax paid. The journal entry be passed on year end to transfer to provision account.

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