Income Tax Paid
This query is : Resolved
06 September 2009
I am idividual tax payer.I have paid income tax Rs.15000/- for the Ass.Year 2008-09 in Sep 2009(Finan Year 2008-09).This Income tax payment whether i accounted in P&l as a expenses or Balance Sheet as a asset. please clarify my doubt for finalise my 2008-09 accounts.
06 September 2009
Show this in asset side in your balance sheet under the head Loans and Advances..
06 September 2009
Yes u can show it as income tax refund due if refund is due. If not then write it off to the debit of capital a/c.
06 September 2009
I agree with all but there is another entry transfer to capital account.
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