How to pass advance tax an self assesment tax paid entries..kindly guide
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Advance tax paid entry
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As per Income Tax Act, we have to pay advance income tax and that is showed at “Property & Assets” side of Balance Sheet in the bracket of “Other Assets”. Advance Income Tax paid A/C DR. To Bank A/C. In case of self assessment tax also this entry is passed but the narration will be for self assessment
Advance Income Tax paid A/C DR. To Bank A/C.
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