Interest on tax
Querist : Anonymous
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.
Querist : Anonymous
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