Jounal entry of income for taxation
This query is : Resolved
01 April 2014
jounal entry of income for taxation
01 April 2014
You are not clear what actually you want. Is it for transfer of profit from P & L A/c then P & L A/c debit and credit the capital account in case of company credit to reserves & surplus.
If you are asking for income tax paid then the entry will be credit advance tax or TDS and debit provisions balance if any can be transferred to other assessment years. In case payment of Self assessment then debit directly to P & L a/c
If you are asking for income tax paid then the entry will be credit advance tax or TDS and debit provisions balance if any can be transferred to other assessment years. In case payment of Self assessment then debit directly to P & L a/c
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