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veera (self)     17 May 2021

Profit & loss

sir kya hume sole proprietor k case k income tax ko p&l m deka saktai h
ki direct provision bnana hoga


 5 Replies

veerendar singh

veerendar singh (tax consultant)     17 May 2021

Its your choice how you like to draw p&l. but in itr3 you have to disallow it.
Sourav

Sourav (Student)     17 May 2021

Provision should be made but in companies balance sheet partners income tax should not be shown
Raj C Doshi

Raj C Doshi (Practising CA)     17 May 2021

It's better to put income tax directly under capital account on payment basis in case of a sole proprietor. This would avoid unnecessary complications of disallowance etc.
1 Like
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     17 May 2021

Usual practice is to take to make provision

1 Like
veerendar singh

veerendar singh (tax consultant)     18 May 2021

Its your choice, how you like to present it.
people adopt different presentation styles. there is no single way of presenting it.

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