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if Advance Tax is diposited by u Rs.200000/-
TDS Deposited Rs.100000/-
Assesment tax raised by It depart ment Rs.350000/-
What will be the Journal entries?
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Answer / thakur
Income Tax Dr 350000
To Adv Tax 200000
TDS 100000
Income tax payable 50000
(Being IT assessed by IT dept sett off adv tax and TDS,)
you require journal entry that is above and when you pay
the payable IT the entry will be :-
Income tax payable Dr 50000
To Cash/Bank 50000
| Is This Answer Correct ? | 11 Yes | 1 No |
Answer / smitha satheesh
Income tax Dr 350000
To Advance Tax 200000
TDS 100000
cash/Bank 50000
(Being IT assessed by IT dept paid after setting off
advance tax & TDS)
| Is This Answer Correct ? | 9 Yes | 2 No |
Answer / sridhar
income tax a/c 350000
to advance tax 200000
to tds received 100000
to final assessment tax 50000
| Is This Answer Correct ? | 3 Yes | 0 No |
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