For Individuals, Income Tax Slab Rate Is applicable 

UPTO 250000 Nil
250000-500000 5% of Income Greater than 250000
500000-1000000 20% of Income Greater than 500000+12500
>1000000 30% of Income Greater than 1000000+112500

There is Rebate of 2500 also if Income between 250000-350000



Pass Entries of Case 1 to Case 4 at the end of the year


Case 1

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Case 2

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Case 3

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For Individuals, Tax is a personal liability, hence we put in Drawings)

  1. Accounts and Finance
  2. Accounts with Taxes
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at .