rajesh (Accountant) (583 Points)
23 November 2011Dear Sir
An Assessee file selected scrutiny and ITO was complete assessment and finaloise extra 4,00,000 income and tax demand raised on this amount assessee is also accepted to pay tax now which entry is posted os Rs 4,00,000.
Please tell
Thanks in advance
sumit
(IPCC)
(33 Points)
Replied 24 November 2011
Rajesh ....
You will show the entry in this way Profit & loss a/c .......Dr.400000/- To Income Tax payable....400000/-.and after payment is done you will show payment entry like Income tax payable a/c ...Dr / to Bank a/c.
CAclubindia
