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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 Posted / 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
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