banner_ad

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
Profile Image

Gokul Sharma

Profile Image

Gokul Sharma (Expert)
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
Profile Image

CA ABHAY GUPTA

Profile Image

CA ABHAY GUPTA (Expert)
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
Profile Image

Kaushik Joshi

Profile Image

Kaushik Joshi (Expert)
19 June 2016 Dear Anonymous, you can do as CA abhay Gupta has said or you can directly debit it to capital account.
Profile Image

Gokul Sharma

Profile Image

Gokul Sharma (Expert)
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


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
29 May 2026
Finance Head

Bhawar Sales Corporation

Chennai

Graduate (Any)

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
14 May 2026
Financial Analyst - Remote Finance Expert

HiringBridge

Ahmedabad

CA

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details