Pls help Reg Income Tax Paid
This query is : Resolved
Harshavardhan
(Querist)
27 May 2009
Dear Experts
Pls help me how to account last year income tax amount paid
Thx & Rgs
Harsha
Pls help me how to account last year income tax amount paid
Thx & Rgs
Harsha
CA.Tarun Maheshwari
(Expert)
27 May 2009
If Company - Adjust with Provision For Taxation
If Proprietorship - Transfer to Drawings Account
If Partnership - Transfer to capital accounts of partners in their PS ratio.
If Proprietorship - Transfer to Drawings Account
If Partnership - Transfer to capital accounts of partners in their PS ratio.
CA Nitin Wadhwani
(Expert)
27 May 2009
In case of proprietor it should be treated as drawings if it is paid out of business or else show it in debit side of capital account as income tax paid.
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