AA-39 Partner Admitted Tax Recording

Quick Summary
This discussion addresses the correct financial year for recording admitted tax paid by a partnership firm on behalf of its partners. The consensus suggests that if the tax relates to the 2022 financial year but was paid in September 2023, it should be recorded in FY 2023. Journal entries are provided, typically involving a debit to a 'Tax Paid' account and a credit to 'Bank', followed by a debit to the 'Partner's Current Account' and a credit to 'Tax Paid'. Alternatively, a single entry to the partner's current account with a clear narration is also suggested.

Originally posted by : My Videos
Dear Raja PM Sir,Thanks for your informative reply.Please educate; shouldn't this amount consider as partner salary ?

Yes why not...?! if it's as per agreement.

Means if salary is payable then You can do it as Your way.

Dear Raja PM Sir,

Thanks for your helpful reply.

please educate if we consider it salary how can we record it ? means what Will be proper journal entry ?
Please read the query from first.
after you can get clear...
Ok. Thanks Raja PM Sir.

Dear Sir,

please help me that I want to know that how p&l appropriation account can maintain in tally prime?
I asked many times from people but they didn't give satisfactory reply.

can you help in this regard?

Kind response awaited from Raja PM Sir. 

Post your query in tax section

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