I HAVE PASSED ENTRY IN TALLY FOR MY PARTNERSHIP FIRM INCOME TAX PAID FOR (FY:16-17) I WANT TO KNOW WHETHER ITS CORRECT OR NOT AND INCOME TAX PAID UNDER WHICH HEAD IN TALLY ? PLEAS CLARIFY ME
DR PARTNERS A/C (SHARED BY RATIO)
CR INCOME TAX PAID
Entry posted by you is correct. Any how even if you pass entry to other account (not capital account), tax expense will not be allowed as deduction under income tax act.
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