income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

07 December 2010 Hi All

Can A partnership firm paid income tax show in profit & loss account as per indirect expnses ?

Help me urgent ?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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07 December 2010 You can show but u will not get deduction for the same in Computation of total income as per income tax act.

taxindiaconnect

taxindiaconnect (Expert)
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07 December 2010 Agreed

CA Dhiraj Ramchandani

CA Dhiraj Ramchandani (Expert)
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07 December 2010 I think better option is to not to consider it in profit and loss account, directly showing as deduction from total tax liability in ur itr...

Aditya Maheshwari

Aditya Maheshwari (Expert)
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07 December 2010 Dear Dhiraj
The treatment has been asked from books of accounts point of view i. e. where to debit the income tax. If the same is reduced from tax liability in computation the purpose does not get served and if debited should be disallowed.

Alternatively it could be debited to partners capital a/c.

Querist : Anonymous

Querist : Anonymous (Querist)

08 December 2010 Thanks Bro................... Aditya Maheswari

And Also Thanks Mr Dhiraj

Aditya Maheshwari

Aditya Maheshwari (Expert)
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08 December 2010 You are welcome.

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