Journal entry for advance tax

In the F.Y 21-22 you paid Advance Tax , so pass entry on 3/3/022

Advance Tax A/c Dr
Bank A/c Cr
( Payment of Advance Tax )

Advance Tax will be under Advances Asset side
Balance sheet .
You C/F the same advance Tax in the next year as Opening Balance .

Your assessment and Income tax payable is done in the next financial year . After assessment you can adjust tax payable against Advance Tax and pay balance Income Tax .so pass entry .

Income tax payable A/c Dr
To Advance Tax A/c Cr
To Bank A/c Cr
( Income tax paid after adjusted against Advance Tax)
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2) In second query you show as Labour Expenses payable on 31..3.22 . so pass entry
on 31.3.22

Labour Expenses A/c Dr 10000
To Labour Expenses Payable A/c Cr 10000
( Labour expenses payable )

Show Labour Expenses payable , liability side Balance sheet .

C/F same Labour Expenses in the next year as Labour Expenses payable . when you pay labour expenses .
pass entry on 15.4.22


Labour Expenses payable (21-22) A/c Dr
To Bank A/c Cr
( Labour Expenses Paid )

One more thing forgot and I would like to add in 1 query
you have to make provision for Income tax on 31.3.22 after advance Tax you pass provision entry on 31.3.22.

Income tax. A/c Dr
To Income tax payable A/c Cr
( Provision for Income tax )

Income tax payable A/c under provision , liability side Balance sheet .

Income tax payable. cr you hv shown but dr. income tax account is not there. Income tax payable dr. cr. bank.

@ Sabyasachi Mukherjee

Above entry is for provision for Income tax , that we make on 31.3.22 . because assessment is done in the next year also we pay income tax in the next year . we make only payment of TDS and Advance Tax in the current year and same is adjusted at time of assessment .
self- assess tax also we pay in the next year . what you have mentioned in query same entry has been passed in the 1st reply .

Advance tax payment will not be accepted after end of the FY.

So you have to pay it through Self Assessment Tax Only

Statutory liability provisions are generally passed by all companies at year end 31st March 2022.Assesment year /previous year are common terminologies for incometax.

Provision for Taxation can be inserted for total tax before taxes paid . So need not be passed to the extent of due ..

It will be adjusted after ITR is processed

Last Installment of Advance Tax (100%) was on 15/3/22 please check , so above payment has been done on. 3/3/22 . Also check Advance Tax instalment dates are as follows for F.Y 21-22 .

Advance Tax 15 % 1st instalment on 15/6/21
Advance Tax 45% 2 instalment on 15/9/21
Advance Tax 75% 3 instalment on 15/12/21
Advance Tax 100% 4 instalment on 15/3/22 .

But you can't make advance tax payment after March for FY-2021-22.

S o one must use Self Assessment Tax with interest

Advance Tax payment has been made on 3rd March 22 , within F.Y 21-22 .

The query asked is due entry for payment of advance tax after FY

Self assesment tax with interest is applicable only in certain cases.

Advance tax with interest can't be paid after FY

Everyone knows.