Hi, This is Rajendra,
Pl any body let me know hot to pass a journal entry in case of company run under loss in the precious year and paid income tax in the current assessment year
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Income tax entry
Replies (1)
It will be a normal journal, there is no connection of previous loss and current year's tax payment.
the journal will be
Income tax for AY 2013-14 A/C Dr. (expense )
to Bank A/C
Incase of advance tax
Advance tax for AY 2013-14 A/C Dr. (Current Asset )
to Bank A/C
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