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.

The asset for the business issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the asset for the business issue yourself by looking for a resolution described in the article. If it is a complex asset for the business issue or you are unable to solve the issue, you may contact us by clicking here or by using other asset for the business support options.

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