Hello,
If client has paid income tax for the FY 2021-22, CAN IT BE SHOWN UNDER EXPENSES SIDE OF PROFIT AND LOSS OR how would it be shown?
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Income tax paid amount in PL
Replies (13)
What is status of your Claint ?. Sole proprietorship, partnership firm, Company or LLP or any other please clarify.
Income Tax is a liability and which is balance sheet item.
But companies just disclose it sch III format but it is not relevant for IT Computation.
PBT : Profit Before Tax is the base
But companies just disclose it sch III format but it is not relevant for IT Computation.
PBT : Profit Before Tax is the base
Status of client is individual
Capital account in case of proprietor
Yes I agreed with Mr Aalam Sheikh
Income tax paid amount paid in pl
| Originally posted by : sabyasachi mukherjee | ||
 |
Income tax paid amount paid in pl |  |
Super Super..
Income is not an operational expense and generally it's not form part of P and L
Income tax paid amount in pl
If any amount is withdrawn by the owner for personal use, that is considered as drawing and debited to drawing account. Drawing amount will be deducted from the capital account.
Income Tax paid is a personal expense of the owner, hence this has to be debited to drawings account.
It is charged to Pl account.
first provision of outstanding liability for tax for current year
pay the provision for outstanding liability for tax.
first provision of outstanding liability for tax for current year
pay the provision for outstanding liability for tax.
It's under capital account for proprietor...
It is charged to the Pl account. initial provision for outstanding tax liability for current year pay the provision for outstanding tax liability.
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