income tax

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Querist : Anonymous

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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 ?

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.

07 December 2010 Agreed

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...

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.

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 December 2010 Thanks Bro................... Aditya Maheswari



And Also Thanks Mr Dhiraj

08 December 2010 You are welcome.


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