Sir
I have found two different treatments in respect of IT payment.
1. Posting to P& L account
2. Posting to capital of Proprietors/Individual (in case of sole proprietary firm).
please clarify the difference 🙏
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Treatment of IT Payment
Replies (4)
In case of proprietorship Income tax to be posted to Capital account .
Thank you
In partnership firm IT payment apportioned as per their ratio
correctness of this please clarify 🙏
In partnership firm IT payment apportioned as per their ratio
correctness of this please clarify 🙏
Agree with Prasad
In case of firms, share of profit after tax would be transferred to the partners account in the profit sharing ratio.
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