Secc 148
This query is : Resolved
23 April 2012
hello sir,
please answer me as soon as poaaible sir
my client has filed his return of asst year 2007-08, now he has recieved notice u/s 148 for capital gain. for which hehas filed revised return as required and declared the capital gain.
i wouls like to know how to adjust or show the tax amount which consequently increses in capital account and the same in balance sheet .And also what to do with the refund amount shown erroneously in assets side of previous balance sheet.( the refund has beeen already recievved by the assessee)
how to alter the balance sheet and the capital account with the changes. pleasse let me know
thank you sir
please answer me as soon as poaaible sir
my client has filed his return of asst year 2007-08, now he has recieved notice u/s 148 for capital gain. for which hehas filed revised return as required and declared the capital gain.
i wouls like to know how to adjust or show the tax amount which consequently increses in capital account and the same in balance sheet .And also what to do with the refund amount shown erroneously in assets side of previous balance sheet.( the refund has beeen already recievved by the assessee)
how to alter the balance sheet and the capital account with the changes. pleasse let me know
thank you sir
29 April 2012
You need not worry. Just debit the capital account it will solve your problem. Alternatively you debit the Income Tax account which will appear in the assets side of the B/S. Let income tax refund remain as it is or you adjust the tax payable against refund and balance you show as debit
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