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Income tax Provision

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629 Points Posted on 16 January 2021
Sir,

Please suggest below provision for income tax is correct or wrong in books of account in proprietor firm

Capital account Dr.
provision for income tax Cr (current liability)
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On 16 January 2021 at 12:02 Report
Replies (3)
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Chartered Accountant
24588 Points Posted on 16 January 2021
P/l a/c dr
to provision for income tax a/c
129 Reply
On 16 January 2021 at 12:22
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Team Lead
7558 Points Posted on 16 January 2021
Income tax paid gets disallowed while computing taxable income. so in case of proprietary concern it can be shown as drawings. however for better understanding of financial statements, IT, can be shown as debited to P&L.
30 Reply
On 16 January 2021 at 14:35
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Accountant
4533 Points Posted on 16 January 2021
Yes correct. you have transfer ur personal income tax in capital ac
19 Reply
On 16 January 2021 at 16:05


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