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(Querist)
29 February 2012 if income tax is shown in the trial balance then in which statement it is shown?
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Durgesh Joglekar

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Durgesh Joglekar (Expert)
22 March 2012 profit & loss account
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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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