Accounts
This query is : Resolved
nishant sahai
(Querist)
29 February 2012
if income tax is shown in the trial balance then in which statement it is shown?
Durgesh Joglekar
(Expert)
22 March 2012
profit & loss account
05 April 2012
Income Tax is not an allowable expenses and hence in case of Individual it is to be debited to the Capital Account and in case of company till assessment is made it is to be shown on assets side and after assessment is completed the same is to be adjusted against advance income tax and any shortfall or excess is to be adjusted against reserve or to be shown below the line in P & L A/c
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