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Income tax paid by partnership firm

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indore
96 Points Posted on 12 September 2018
whether deductions for tax paid by partnership firm on its income is allowable deductions or not..???
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On 12 September 2018 at 14:52 Report
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Practicing Chartered Accountant
2481 Points Posted on 12 September 2018

No it is not allowed as deduction. Anykind of Income Tax paid by assessee is not allowed as deductions

17 Reply
On 12 September 2018 at 17:01
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indore
96 Points Posted on 12 September 2018
thanks sir for your valuable reply...
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On 12 September 2018 at 17:33
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"Do the Right Thing...!!!"
128147 Points Posted on 12 September 2018
No...
The Tax Paid amount not on expense. It's accountable in Partners current Account as Drawing.
463 Reply
On 12 September 2018 at 17:38
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Bara bazar
262 Points Posted on 12 September 2018
40 (a)(ii) Dissallowance of Income Tax
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On 12 September 2018 at 18:01
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12244 Points Posted on 12 September 2018
as per 40a(ii), it's not allowed
35 Reply
On 12 September 2018 at 23:23
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indore
96 Points Posted on 15 September 2018
then what will be it's accounting treatment in hands of partnership firm....???
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On 15 September 2018 at 15:08
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"Do the Right Thing...!!!"
128147 Points Posted on 15 September 2018
Account in Partners current Account...
463 Reply
On 15 September 2018 at 16:43


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