asset for the business: IN: How to record Advance Income Tax Payment in Quickbooks in Indian context ?
NB – Please have this advice validated by your financial advisor/chartered accountant.
Income tax paid in advance should be treated like a current asset for the business.
You could record a journal entry debiting Advance IT Paid (Account Type – Current Asset) and crediting Cash/Bank (Account Type – Bank).
Resolution for 'asset for the business issue: 'IN: How to record Advance Income Tax Payment in Quickbooks in Indian context ?' available: Yes.
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