Taxtreatment in partnership firm

Umesh Maurya (CA_House) (40 Points)

27 February 2013  

Hi Frndzz!!!!

I have a query regarding Accounting Treatment of Income Tax in case of Partnership Firms

Is There any requirement to make provision for income tax as in case of Corporates or to directlty debit the Partner's Capital A/cs.

Moreover what is the accounting treatment of Demands raised during assessments (Sales tax and Income Tax) where there is no payable outstanding pertaining to the previous years

KIndly respond soon as its very urgent

Thanks in advance