Prior period income tax
This query is : Resolved
Salahu Pulikkal
(Querist)
28 September 2015
What is the accounting treatment for ' Income tax of prior period' incurred in this year..?
CA Mehta Ankur N.
(Expert)
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.
Salahu Pulikkal
(Querist)
28 September 2015
Eg:
During 2014-15 IT Authority charged a tax amount of Rs.20000 of FY 2007-08 .....
CA Mehta Ankur N.
(Expert)
29 September 2015
Yes, it will be debeited to partners capital account or proprietors capital account as the case may be.
Salahu Pulikkal
(Querist)
29 September 2015
Sir
In a firm it was debited to Income tax a/c.
How to rectify it...?
CA Mehta Ankur N.
(Expert)
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.
Salahu Pulikkal
(Querist)
29 September 2015
Thank you sir. ..
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