How to record income tax payment entry
This query is : Open
jagdish dhurve
(Querist)
30 August 2016
income tax - 102903=00
education cess - 3087=00
interest - 9960=00
education cess - 3087=00
interest - 9960=00
ACA Anurag
(Expert)
30 August 2016
Dear Jagdish,
Income tax is deals as drawing and entire amount will be booked as drawing.
Hope your query is resolved
Kindly like if my response has helped you
30 August 2016
what is the constitution of your business? Treatment will differ case to case. If any provision for tax is created , first need to adjust towards provision. If not you can account as drawings in case of proprietorship concern . If it is any other type, can debit in P& L A/c.
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