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
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Entry for ltcg
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
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