Advance Tax

This query is : Resolved

Hasmukh Nakarani (Querist)
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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?

ADITYA

ADITYA (Expert)
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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)

Advance Tax Account Credit Rs 13500/=

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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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.

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