Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 May 2012 self assessment tax for f.y 2010-11 and tax on regular assessment paid in current year 2011-12.

how to show in my accounts / journal entry for this event

Sonu

Sonu (Expert)
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31 May 2012 Its the organisation decision.
Some org keep taxes paid separately as taxes paid under current assets and provision for Taxes under current liability. Specially co.'s follow such practice.
Where as in case of firms and proprietorship u can also knocked off / adjust from there capital account or adjust self assessment tax against prov for taxation.