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Self assessment tax

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629 Points Posted on 26 September 2019
Dear Sir
I have paid Rs. 5670 in self assessment tax. but in books of account I have made provision of income tax Rs. 4400 please suggest how to adjust Rs.1270 in books of account.
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On 26 September 2019 at 19:14 Report
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MANAGER ACCOUNTS
187 Points Posted on 26 September 2019
debit Pl account as IT EXP
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On 26 September 2019 at 19:17
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629 Points Posted on 26 September 2019
Sir, can we debit capital account
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On 26 September 2019 at 19:45
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17264 Points Posted on 26 September 2019
Yes you can debit capital account in case you are a proprietory concern or amongst partners in their ratio.

Provision for ITax Dr 4400/-
To Advance Income Tax A/c 4400/-

Capital A/c Dr. 1270/-
To Bank A/c 1270/-
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On 26 September 2019 at 21:46
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629 Points Posted on 26 September 2019
Thank you very much Sir
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On 26 September 2019 at 22:00


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