Treatment of tax on regular assessement paid in cy
This query is : Resolved
15 September 2013
Hi,
A company whose case is pending judgement before ITAT for AY 1999-2000 has been paying tax on regular asst since Nov 12 till date. What would be the treatment of the same for taxes so paid in the books of the Co. in CY - Should it be treated as expense or under some other head ??
Thanks
A company whose case is pending judgement before ITAT for AY 1999-2000 has been paying tax on regular asst since Nov 12 till date. What would be the treatment of the same for taxes so paid in the books of the Co. in CY - Should it be treated as expense or under some other head ??
Thanks
15 September 2013
Hi Shruti,
The balance tax on assessment should be adjusted to the Provision for tax and then the balance amount should be written off to the P/L account after adjusting the taxes already paid
The balance tax on assessment should be adjusted to the Provision for tax and then the balance amount should be written off to the P/L account after adjusting the taxes already paid
15 September 2013
Dr.prior year tax A/c
Cr.Bank Account
it is disallowed
Cr.Bank Account
it is disallowed
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
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Difference between Date of Payment and Date of Deduction?
- FCRA 6 E- Intimation
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- TODAY INCOME TAX SITE IS NOT WORKING ANY OFFICIAL EXTENSION
- Same demand raised for original as well as rectification request return
- 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
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
