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Accounting treatment of Withholding tax@0.2%
11-01-2011, 02:19 PM
Post: #1
Accounting treatment of Withholding tax@0.2%
What is the complete Accounting treatment or end result of 0.2 % withholding tax which is deducted by the banks on cash withdrawal. Thanks in advance.
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11-01-2011, 03:11 PM
Post: #2
 
It is an adjustable tax

Cash debit
Adv Tax debit
Bank credit
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11-01-2011, 09:20 PM
Post: #3
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Information Consultant</i>
<br />It is an adjustable tax

Cash debit
Adv Tax debit
Bank credit
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
I meant to say how do we treat it when we submit tax returns at the end of financial year..
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11-02-2011, 03:08 AM
Post: #4
 
i think you want to know about tax treatment not accounting treatment. You can claim amount of advance taxes while filling your tax return. it is similar to Withholding tax you pay on utility bills.
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11-02-2011, 03:20 PM
Post: #5
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by rehanjaved00</i>
<br />i think you want to know about tax treatment not accounting treatment. You can claim amount of advance taxes while filling your tax return. it is similar to Withholding tax you pay on utility bills.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
Thankyou friend
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