In Accounts Paybles what is the meaning holding tax ? Can u
give the answer holding journal entry
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Answer Posted / ravi
with holding tax is a that we pay to income tax authority ,
for this first we define income tax authority as a supplier
and define input and out put accounts and also define
special callender for this w egenrate a with holding tax
invoice and pay to tax authority
The jouransal entries are
when invoice is raised--
Accrual
to
Liabilty
When payment is made--
Liability
to
Cash
With holding tax
and
With holding tax exp
to
Payabel
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