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Advance tax

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(Querist)
26 November 2011 sir/madam
payment for advance tax

advance tax dr
bank a/c

finally how can we close the advance tax for yr ending transfer to capital a/c or create provision for current finanicial year
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
26 November 2011 You have to debit it to the capital a/c at the end of the financial year.

Or you can first adjust it against the actual tax liability and then debit the remaining.

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