11 December 2009
Advance Tax for previous year 08-09 is Rs.13500, Actual payable Rs.10600 therefore refund is 2900. what should be the treatment of adv.tax in 09-10. that means how to close adv.tax a/c?
11 December 2009
Un-less & un-till Assessment Order is not issued, you should not pass the Entry, as the Assessing Officer may very your Tax Liability.
Any How,The Accounting Entry will be :-
Cash / Bank Account Debit Rs 2900/= Income Tax Account Debit Rs10600/= ( FY 2008-09)
11 December 2009
You always need to Pay advance tax before calculating till 31st march...position... other wise you have to do what mr. suren says...you have to take credit of your ad. tax to you next year.
CAclubindia
