Query
This query is : Resolved
23 February 2016
I have paid income tax demand for F.Y 2012-13 of a firm =8990.Under what head I will enter it in tally? Whether I have to debit it from partners accounts?
23 February 2016
Dr.Prior year taxes(expense)
Cr.Bank
Cr.Bank
23 February 2016
Income tax paid is not allowable exp under income tax act. You have to disallowed while making computation
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