is the logic correct
This query is : Resolved
08 January 2009
why the Partners' capital account Dr why not to expenses account can i pass following entry
(31/3/2008) jv
income tax dr (indirect expenses)
income tax payable cr (provision)
1/9/2008 payment
incometax payable dr
cash/bank
(31/3/2008) jv
income tax dr (indirect expenses)
income tax payable cr (provision)
1/9/2008 payment
incometax payable dr
cash/bank
CA Parvin Ahuja
(Expert)
08 January 2009
Any amount paid as income tax or wealth tax is not allowed as expenditure hence it can not be claimed as expenditure.
CA Chaitanya
(Expert)
08 January 2009
It is not an allowable expenditue under the Income Tax Act.
CA Chaitanya
(Expert)
08 January 2009
Though it passes that entry, Income tax has to be added to the net profit while calculating Income tax.
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