Treatment of Tax item in BS

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Dear Members,

I m trying to understand the balance sheet of company. Kindly tell me how to treat the tax related items in BS (under which head) as well as in P&L. (in which head) What are their treatment according to Accounting Standards?

Kindly tell me the treatment of following items (debit balances as well as credit balances):

TDS deducted by the company, TDS deducted by other parties from the payment made to company, TDS on FDR, Provision for IT, Provision of Wealth Tax, CENVAT, Cess, EPF payable/paid, DVAT, WCT payable, Service tax Payable/Receivable, Income Tax payable/paid etc.

Any other items related to taxes...

I appreciate if you give some time to my query. Please reply.

Thanks.

Replies (2)

Pls reply....

How will the debit balance of WCT payable disclosed in the balane sheet

Plz do reply


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