income tax payable

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seema wadhwa (Querist)
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26 May 2011 firm has long term capital gain of Rs. 1500000 related with f.y 2010-11 and firm has paid advance tax of Rs. 1200000 and Rs. 300000 will be paid now we will show it in balancesheet march 2011 as payable but will we show it in capital A/Cs of Partner also or not and if we donot show it in capital A/Cs then where wil we show it

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 May 2011 If the assessee is a partnership firm, make a journal entry for the total tax provision in the accounts for the year ended 31/3/2011 viz.,

Income tax a/c Dr Rs. 15,00,000/-
To Income tax payable Rs. 15,00,000/-
(Being IT provision for the year)

The debit amount will be shown in the profit and loss a/c and may be disallowed while preparing the tax computation.
The credit entry will be shown in the balance sheet under current liabilities.

Similarly, the advance tax paid Rs,12,00,000/-will be a current asset and may be carried to B/S.

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