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treatment with interest.

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(Querist)
20 May 2011 how to show interest(u/s 234 c) on advance tax in account tally package.
what should b treatment for it.
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CA Navin Jain

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CA Navin Jain (Expert)
20 May 2011 profit n loss appropriation a/c - dr
to provision for income tax
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Pragnesh

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Pragnesh (Expert)
20 May 2011 Interest amount will be disallowed u/s. 40a
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prasad

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prasad (Expert)
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.

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