Tax paid by firm how to account
This query is : Resolved
11 July 2012
Hi All,
When a firm pays tax which has two partners then can i show tax paid as drawings ? i e 50:50 tax can be shown as drawings under both partner's drawings a/c
Or should i create prov for taxation a/c ?
When a firm pays tax which has two partners then can i show tax paid as drawings ? i e 50:50 tax can be shown as drawings under both partner's drawings a/c
Or should i create prov for taxation a/c ?
11 July 2012
Tax liability of the firm is different from the tax liability of the partners.
You have to create provision for taxation. If the tax has been paid as advance tax record the same as advance tax in the books of the firm.
You have to create provision for taxation. If the tax has been paid as advance tax record the same as advance tax in the books of the firm.
Message likes :
1 times
12 July 2012
Thanx
But i heard that only for companies we can create Prov for taxation and not for others
Is that true ?
But i heard that only for companies we can create Prov for taxation and not for others
Is that true ?
13 July 2012
That is not true. Although provision for taxation is disallowed for Income Tax purpose.
Message likes :
1 times
16 July 2012
Thanxxxxxxxxxxxx a lot
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
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
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
