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Interest on tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 June 2013 Dear Sir,
Suppose net profit of a firm in fy 2012-13, before tax is Rs. 80000/- and income tax comes to 24720/- and interest thereon for non payment of advance tax comes to Rs. 3700/-.

Now I should credit which one of the following in partners capital a/c.

1. 80000 - 24720 + 3700 = 51580

or

2. 80000 - 24720 = 55280


Please clarify.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
28 June 2013 Credit the share in profit first and debit separately the share in (tax amount + Interest on late payment of tax).
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Querist : Anonymous

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Querist : Anonymous (Querist)
28 June 2013 Whether the above mentioned interest is a allowable expences or not.
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Aashok Kumar Sharma

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Aashok Kumar Sharma (Expert)
01 August 2024 https://docs.google.com/document/d/1pvqG4hjFGErYwH49gvRZeeQNayTl8yhuckcHmuwr9q0/edit?usp=sharing
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