I need journal entries with head of Partnership firm form Income tax payment, provision for tax, advance tax and all other entries related to income tax.
For F.Y 2018-19 i paid advance tax of Rs. 20,000, at the time of computation for A.Y 2019-20 Tax computed as Rs. 67,713 and Interest u/s 234 Rs. 4,371 less advance Tax Rs. 20,000
Total Income tax Rs. 52,080 I have paid in F.Y 2019-18.
What will the entry I have to pass in F.y 2019-20 for the above as previously F.y 18-19 I booked Income tax as Indirect Expenses Rs. 21,500 but at the time of computation of Income for A.Y 2019-20 it was added in income.
Why Income tax is not chargeable in Indirect expenses in P&L for partnership firm.
Kindly give entries for the F.Y 2019-20 for tally with head also which ledger to create in which head.
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