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Entry for ltcg

1077 views 2 replies

Hey can Any1 help me to pass the journal entry for payment of tax on long term capital gain.

Also explain y s dat particular a/c dr or cr.

Thanks

Replies (2)

incometax payable account dr

to bank a/c

 

Debit the receiver
 
and credit what goes out 
 
should be the right answer.
 
So entry to be passed should read:
 
Long term Capital gain tax a/c dr.
 
To cash/cheque a/c.
 
(Long term Capitalgain tax paid in by cash cheque)
Regards,
RAJESH CHOUDHARY


CCI Pro

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