Question

Journal of Income tax paid

Answer 1

Companies record both income tax expense and income tax payable in journal entries. For companies that use the cash basis for both financial and tax reporting, income tax expense equals income tax payable, the actual amount of tax to be paid. However, a difference exists between income tax expense and income tax payable if companies use the accrual basis for financial reporting and the cash basis for tax filing. The difference is either a deferred tax liability or a deferred tax asset.

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Answer 2

Answer:

Income Tax A/c..............Dr.

To Cash/Bank A/c

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