Firm income tax paid to be transfer to partners capital
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 August 2016
Resp. Sir,
1. In Partnership firm whether IT paid during the finance year (Self Assessment of Previous F.Y)
to be transfer to Partners capital account before Finalizing a Balance Sheet.
2. In Partnership firm whether IT refund received form IT department to be transfer to Partners capital
account before Finalizing a Balance Sheet.
Please guide/ advise.
Regards
1. In Partnership firm whether IT paid during the finance year (Self Assessment of Previous F.Y)
to be transfer to Partners capital account before Finalizing a Balance Sheet.
2. In Partnership firm whether IT refund received form IT department to be transfer to Partners capital
account before Finalizing a Balance Sheet.
Please guide/ advise.
Regards
02 August 2016
yes, that can be done. Some people follow that practice.
Some people follow of creating provision and paying the tax. Once assessment is finalised then they transfer it to capital account.
Choice is yours.
Some people follow of creating provision and paying the tax. Once assessment is finalised then they transfer it to capital account.
Choice is yours.
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