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Treatment of Tax item in BS

Shridhi Jain (Company Secretary)     26 February 2011

Shridhi Jain
Company Secretary 
 155 likes  1678 points

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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.



Shridhi Jain (Company Secretary)     28 February 2011

Shridhi Jain
Company Secretary 
 155 likes  1678 points

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Pls reply....


Nithin.Jasti (student)     21 October 2013

 22 points

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

Plz do reply

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