Current Year
Create Provision for Income tax for the amount of Current Tax along with the Interest amounts u/s 234A,234B,234C
Accounting Entry
1. Provision for Income tax
Current Tax(P&L) Dr
To Provision for Income Tax(Liability)
2. Advance Tax Entry
Advance Tax (Asset) Dr
To Bank account
3. TDS Receivable Entry
TDS Receivable (Asset) Dr
Debtor (Asset) Dr
To Gross Receipts A/c (P&L)
Next Financial Year
1. On Payment of Income Tax
Provision for Income Tax Dr
To Advance Tax
To TDS Receivable.
To Bank (Payment of Tax)