Prior period income tax

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Salahu Pulikkal

Salahu Pulikkal (Querist)
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28 September 2015 What is the accounting treatment for ' Income tax of prior period' incurred in this year..?

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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28 September 2015 Please clarify your question...

If u r talking abt tax then it will be debited to partner / proprietors capital accounts.

Salahu Pulikkal

Salahu Pulikkal (Querist)
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28 September 2015 Eg: During 2014-15 IT Authority charged a tax amount of Rs.20000 of FY 2007-08 .....

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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29 September 2015 Yes, it will be debeited to partners capital account or proprietors capital account as the case may be.

Salahu Pulikkal

Salahu Pulikkal (Querist)
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29 September 2015 Sir In a firm it was debited to Income tax a/c. How to rectify it...?

CA Mehta Ankur N.

CA Mehta Ankur N. (Expert)
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29 September 2015 No need to rectify friend, just keep it as it is. But for calculation of remuneration you need to disallow this tax and do calculation.

In the income tax return as well you have to dis allow this tax.

Salahu Pulikkal

Salahu Pulikkal (Querist)
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29 September 2015 Thank you sir. ..

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