Treatment of income tax liability in dispute
This query is : Resolved
31 May 2014
If the Order for demand of income tax is passed by the income tax officer. however party has gone for appeal against this order.
What shall be accounting treatment of it in the books of account?
What shall be accounting treatment of it in the books of account?
Vishnu Saboo
(Expert)
31 May 2014
in my opinion if any amount has been deposited as security, this amount must be shown as earnest money and amount of demand must be shown as contingent liability in B/S notes.
if no amount has been deposited, no accounting entry will be there, but contingent liability in B/S notes to be shown.
if no amount has been deposited, no accounting entry will be there, but contingent liability in B/S notes to be shown.
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