y tds is adjusted against partners capital a/c
This query is : Resolved
18 October 2009
y tds appearing in opening balance sheet is adjsuted by debiting partners capital a/c in assessment year can it be adjsuted with income tax liability if so mention entries
19 October 2009
Its a direct taxes & income tax does not allow the direct tax expenditure in profit & loss account. Now after the year end adjustment keeping the tds & advance income tax in current assets for years to years does not give the true & fair value of balance, so dr. TDS & advance tax to partners capital account.
In case you wish to dr. this to profit & loss account then you can do this ultimate effect will go to capital accounts. And add back such dr. while computing the taxable income.
In case you wish to dr. this to profit & loss account then you can do this ultimate effect will go to capital accounts. And add back such dr. while computing the taxable income.
19 October 2009
Good explanation....
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