Income tax paid
This query is : Resolved
02 October 2012
Dear sir
Income tax paid by the propertior can be dedit under profit & loss a/c ?
Whether the same principle apply to companys or Partnership firms ?
Income tax paid by the propertior can be dedit under profit & loss a/c ?
Whether the same principle apply to companys or Partnership firms ?
CMA Ramesh Krishnan
(Expert)
02 October 2012
Proprietor only the Income tax need to deduct from Capital as drawings
Partnership & Company nee to debit in P&L a/c
Partnership & Company nee to debit in P&L a/c
CA Suresh Jain
(Expert)
02 October 2012
In case of Proprietorship the Provision for income tax should be made to arrive at Post Income Tax profit of the business.
In case of Partnership the Income tax payable on profit of the firm is to be debited
In case of Partnership the Income tax payable on profit of the firm is to be debited
03 October 2012
Thanks for reply
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