Payment entry
Acct. Harsha (Accountant) (139 Points)
07 July 2016
Pls tell Income tax payment entry
Also specify accounting heads
2 Replies
Harshit Kabra (INVESTOR)
(Student CA final)
(1113 Points)
Replied 07 July 2016
for the income tax entry -
1. at the time of tds payment -
TDS ACCT dr. 100
to bank/cash cr. 100
2. at the time of liability of income tax
Income tax acct. dr 120
income tax payble acct 120
3. at the time of final payment.
income tax payble acct. dr 120
to TDS ACCT . 100
to bank acct. 20
hope it will all clear to u.
CA Abhishek Goyal
(Chartered Accountant)
(516 Points)
Replied 08 July 2016
Hello..
1. For Provision of Income tax :
Current Tax (indirect exp) a/c Dr..
to Provision for taxation
2. while payment of advance tax
Advanxe tax ac dr...
to Bank ac..
3. while set off
Provision for taxation ac dr..
to Advance tax ac..
1. For Provision of Income tax :
Current Tax (indirect exp) a/c Dr..
to Provision for taxation
2. while payment of advance tax
Advanxe tax ac dr...
to Bank ac..
3. while set off
Provision for taxation ac dr..
to Advance tax ac..
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