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loans & advances (liability)
In tally under the head loans & advances (liability) the amount is standing 30000/- so it will increase my income tax?
Replies (4)
If it is not payable and written off, then you should offer it to tax
It is balance sheet item. It will not increase your income unless written off.
Sir if the gst has been paid by my friend's saving account so in tally i will show him under loans and advances (liability) in order to write off duties & taxes by doing payble entry & adjustment entry and after that i will pay him cash to write off loans and advances. Is it correct?
Yes... You are correct.
After adjustment of Your GST Tax Details just pass a journal entry as your friend name to Tax liability.
You can show friend name & amount under liability head.
At the time of repay the amount just passed a payment entry then it will tallied.
After adjustment of Your GST Tax Details just pass a journal entry as your friend name to Tax liability.
You can show friend name & amount under liability head.
At the time of repay the amount just passed a payment entry then it will tallied.
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