Prior period income tax
This query is : Resolved
28 September 2015
What is the accounting treatment for ' Income tax of prior period' incurred in this year..?
28 September 2015
Please clarify your question...
If u r talking abt tax then it will be debited to partner / proprietors capital accounts.
If u r talking abt tax then it will be debited to partner / proprietors capital accounts.
28 September 2015
Eg:
During 2014-15 IT Authority charged a tax amount of Rs.20000 of FY 2007-08 .....
29 September 2015
Yes, it will be debeited to partners capital account or proprietors capital account as the case may be.
29 September 2015
Sir
In a firm it was debited to Income tax a/c.
How to rectify it...?
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.
In the income tax return as well you have to dis allow this tax.
29 September 2015
Thank you sir. ..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Tax on Deemed Capital Gain
- Booth for sales promotion
- Regarding ITR filing with more value than showing in AIS/TIS
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
