treatment with interest.
This query is : Resolved
20 May 2011
how to show interest(u/s 234 c) on advance tax in account tally package.
what should b treatment for it.
what should b treatment for it.
20 May 2011
profit n loss appropriation a/c - dr
to provision for income tax
to provision for income tax
20 May 2011
The interest on Advance Tax is not chargeable to Profit and loss account. Its not an allowable expediture under Income Tax.
In Tally one can pass following entry.
Profit & Loss Appropriation A/c Dr.
To Interest Income Tax.
In Tally one can pass following entry.
Profit & Loss Appropriation A/c Dr.
To Interest Income Tax.
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