Advance tax

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rajalakshmirao (Querist)
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25 November 2011 sirs,
pls tell me why we are cr., advance tax and dr.to proprietor a/c i want details about advance tax

rgds
rajalakshmi

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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25 November 2011 Any type of Income tax paid(i.e.advance tax,self assessment tax,tds or tcs) doesn't allowable as expenditure or Income incase of refund of excess tax paid but interest on the refund amount is should be income and taxable. So we have to transfer the tax payment amount to the capital a/c.
OM SAI SRI SAI JAI JAI SAI

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rajalakshmirao

rajalakshmirao (Querist)
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25 November 2011 thank u for ans

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