How to account income tax paid
This query is : Resolved
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binu sukumaran
(Querist)
07 June 2023
sir.
How to treat Income tax of firm, and sole property ship. whether it is an expenses or partners withdrawal . Last year income tax 2.5 lakhs paid during 22-23 year. but income tax is calculated u/s44AD 6%. Please advise
How to treat Income tax of firm, and sole property ship. whether it is an expenses or partners withdrawal . Last year income tax 2.5 lakhs paid during 22-23 year. but income tax is calculated u/s44AD 6%. Please advise
07 June 2023
The final tax liability is treated as capital expenditure. Or proprietor's withdrawal. Before that it can be treated as tax provision in firm's account.
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CA R SEETHARAMAN
(Expert)
07 June 2023
It's not an expenses it's partners/proprietors withdrawal.
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