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interest on income tax

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(Querist)
08 September 2010 How to book interest on income tax in the books of accounts
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Nischint Kumar Somani

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Nischint Kumar Somani (Expert)
08 September 2010 suppose total payment of income tax is Rs. 100000.00 and interest is rs 5000.00

than u have made the payment of Rs. 105000.00

entry should be like this:

P&L account Dr.100000.00
to provision for income tax 100000.00

proviion for income tax Dr.100000.00
interst account Dr. 5000.00
to advance tax/self assementtax 105000.00
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
08 September 2010 yes. the above entries can be passed for interest on income tax
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