Income tax refund


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Querist : Anonymous

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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.

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Querist : Anonymous

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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


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