Adjustment of advance tax & tds

This query is : Open

HARENDRA SINGH (Querist)
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19 May 2018 Dear Sir/Madam,

I have a proprietorship firm in the last F.Y. 2016.17 (A.Y 17-18). Advance Tax Rs. 55,000/- & TDS Rs. 6108/-. But we have not create any provision for Income Tax.

After assessment of this year we submitted ITR & refund of Rs. 3120/- credited in our bank a/c in Jan 2018. Our net tax liabilities around 58,000/-

My question is......... How we can adjust above TDS & Advance tax in this current F.Y. 2017-18 (A.Y. 18-19) in tally?

Also confirm to me, Provision of Income Tax under which head (Capital, Current Liabilities or P & L A/c).

Thanks & Regards

Harendra Singh

RAJA P M

RAJA P M (Expert)
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19 May 2018 You can adjust the TDS and Advance Tax amounts to Proprietor Capital account if You are not create any Provisions... If You are preparing Provision for Tax payments then You ll be under "Current Liabilities".