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Advance tax paid entry

Tax queries 2005 views 2 replies

How to pass advance tax an self assesment tax paid entries..kindly guide

Replies (2)
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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