How to treat Income tax paid for last year and advance tax paid for Partnership Firm?????. I mean under which accounts head???
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Treatment of income tax paid & advance tax for partnership
Replies (3)
head means income tax head or accounts head.
the advance tax is piad by the partnership firm show in loan and advances( Assets side) and income tax paid for the previous year deducted from the provision had made in the last year and shown as provision for taxation
Tax paid for last year shall be debited to partners capital account, as income tax is connsidered as a personal expenditure in partneship. Advance tax paid will be shown is assets side until the assessment is done and final computation us made. Advance tax will then be transferred to tax paid account which will further be debited to partner's capital account in the year of assessment.
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