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composition -GST
If in propritiership business propriter take composition scheme than tax paid by him adjust in profit and loss a/c or capital a/c ,if he tax under income under presumptive scheme of income tax.
Replies (4)
Although the tax paid is composition in nature but this doesnt affect the fact that tax is paid solely for the purpose of business.
In my opinion this should be charged to P/L Account rather than charging to Capital Account.
| Originally posted by : SUMIT KARESIA | ||
 |
If in propritiership business propriter take composition scheme than tax paid by him adjust in profit and loss a/c or capital a/c ,if he tax under income under presumptive scheme of income tax. |  |
Shown in Profit & Loss Account.
Tax paid on turnover by composit dealer is Expense , trf it to p&l a/c
It is shown in profit and loss account.
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