banner_ad

Income tax on firm

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
29 July 2012 Dear expert,
Suppose Income tax on firm income is Rs. 7500/- in AY 2012-13.

Please advise me that it should be debit in P&L appropriation A/c of FY 2011-12
or
It should be debited in capital A/c of each partner proportionatly of FY 2011-12.
or
It should be debited from the P&L a/c of FY 2012-13 as it is being paid in July 2012.

Waiting for your respconce.
Thanks
Profile Image

CA PARAS BAFNA

Profile Image

CA PARAS BAFNA (Expert)
29 July 2012 In case of firm's Income Tax Act, does not have any specific disclosure requirement.
.
In ther first two alternatives you have to show "Provision for Income TAx A/c as on 31.03.2012.
.
In place of the 3rd alternative I would suggest you to debit the amount to Income Tax and apportion the tax amount to partners from Income Tax A/c. This will reduce your burden while making Computation of Income..
.
Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
29 July 2012 Then it should be debit from the capital a/c of FY 2012-13 of each partner in their proportions.
Profile Image

Amol S Joglekar

Profile Image

Amol S Joglekar (Expert)
02 August 2012 Yes, quite possible. You need to decide how you are going to disclose.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
ARTICLESHIP 23 May 2026
Article Assistants

Acupro Consulting

Gurgaon

CA Inter

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
12 June 2026
Accounts & Taxation Executive

Winshine Financial Services

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details