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

Amol S Joglekar

Amol S Joglekar (Expert)
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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.

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