Adv tax

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Sankar Chakraborty (Querist)
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29 February 2012 if a proprietor pays his adv tax for his own file, what is the entry to be done

please let me know

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Guest (Expert)

29 February 2012 In this case the advance tax will be disclosed as current asset. The entry will be-
Advance tax ( A Y) a/c Dr.
To bank a/c

Sankar Chakraborty (Querist)
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01 March 2012 but CA of Proprietor has done the entry as under

Capital a/c........Dr
to adv tax

is it right ?

Dhirajlal Rambhia (Expert)
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17 July 2023 "Sorry, I am not a featured member."

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