Income tax and house tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 August 2012
I need to make some entries in tally of paying income tax and house tax...the problem is that i dont know that how to make entry in tally..
i request that someone please tell me that how to make entry of both and also tell that under which head income tax and house tax would be created..
thanking u..
i request that someone please tell me that how to make entry of both and also tell that under which head income tax and house tax would be created..
thanking u..
10 August 2012
First of all you have to create ledgers for Income Tax and House Tax. Create these under Capital A/c as these are personal expenses just like drawings.
You must have a ledger of Bank A/c from which the payment is to be made.
Now, you just have to make a payment entry by debiting the Tax A/c and Crediting the Bank A/c.
You must have a ledger of Bank A/c from which the payment is to be made.
Now, you just have to make a payment entry by debiting the Tax A/c and Crediting the Bank A/c.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
10 August 2012
Cant both entry be created under Duties & Taxes???
31 July 2024
Income Tax and House Tax are typically categorized under "Duties & Taxes" because they are both considered taxes. However, in accounting practices, it's often clearer to separate them into distinct ledgers for better tracking and reporting.
Income Tax is a direct tax and is better classified separately under "Duties & Taxes" as it specifically pertains to income tax liabilities.
House Tax (or Property Tax) can also be classified under "Duties & Taxes" or a custom category like "Taxes Paid" if you want to track it separately.
Income Tax is a direct tax and is better classified separately under "Duties & Taxes" as it specifically pertains to income tax liabilities.
House Tax (or Property Tax) can also be classified under "Duties & Taxes" or a custom category like "Taxes Paid" if you want to track it separately.
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