Income tax refund


This query is : Open 

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
18 June 2016 if i paid income tax rs 76000 for the year 2014-15 on 30/10/15 and i forget to deduct same from p &l a/c so can i place this entry for the 2015-16 p.y as expenses

18 June 2016 income tax is not a allowable Expenditure you cannot book this as exp.

Avatar

Querist : Anonymous

Profile Image
Querist : Anonymous (Querist)
18 June 2016 so what will be the entry for this and under which ledger i have to post?
and how to treat this transaction in books of account

18 June 2016 Dr income tax a/c under head indirect expense 76000 Cr Bank 760000 (being self assessment tax paid for fy 2014-15) this exp will be disallowed while computing income for fy 2015-16

19 June 2016 Dear Anonymous, you can do as CA abhay Gupta has said or you can directly debit it to capital account.

22 June 2016 income tax paid should be deducted from capital. not to debited in p&l


You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now



Similar Resolved Queries


loading


Unanswered Queries



CCI Pro



Answer Query



Company
ARTICLESHIP 30 September 2026
CA Article Assistant

CA Suraj Garg & Associates

New Delhi

CA Final

View Details
Company
10 October 2026
Accounts Associate Level 1

Abic and Mani Chartered Accountants

Kottayam

B.Com

View Details
Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details
Company
07 October 2026
Senior Account Manager

Amplio Invest

Mumbai

M.Com

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details
Company
ARTICLESHIP 18 September 2026
Industrial Trainee

Twenty Point Nine Five Ventures Private Limited

Noida

CA Inter

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details