I have 2 types of taxes configured in my accounting, one is the consultancy tax 10 % and another is Service tax 10.3%. Tax payable report shows me the amount payable under both taxes. For example
Consultancy Tax Payable - 20,000 INR
Service Tax Payable - 1,00,000 INR
I have done the payment for Consultancy Tax of amount 15,000 INR from my Bank account.
How will I record this tax payment transaction is joho books such that it shows debit in my bank account. Tax paid should be credited and Tax Payable should change to
Consultancy Tax Payable - 5,000 INR
Service Tax payable - 1,00,000 INR