HELLO FRIENDS, PLS. TELL ME IN A PARTNERSHIP FIRM BALANCE SHEET ADVANCE TAX AND TDS ACCOUNTS ARE SHOWN.
PLS. TELL ME WHETHER IT IS CORRECT OR WE HAVE TO MAKE ADJUSTMENT IN CAPITAL A/C.
THANKS.
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Income tax
Replies (2)
You may show TDS paid in Balance Sheet . But Tax paid by firm will be adjusted in Partner's Capital Account.
Regards,
Harish Bansal
Advance tax paid & our TDS deducted by others will be shown in Partnership firm a/c.
At the end of the year it will be adjusted against tax liability of the firm. After that tax payable or refundable if any will be shown in the balance sheet. Profit after tax will be transferred to partners capital a/c.
CA Sanjay Singhal
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