Where is income tax is recorded
Atharv Sankliya (1359 Points)
28 December 2021
where is income tax is recorded in final account in sole proprietorship and partnership ?
4 Replies
Tanuj Chandra Saxenaa
(Company Secretary)
(7085 Points)
Replied 28 December 2021
Income tax paid on the debit side of profit and loss account
if income tax payable it is recorded on the liabilities side of balance sheet
if income tax payable it is recorded on the liabilities side of balance sheet
Atharv Sankliya
(1359 Points)
Replied 28 December 2021
Income tax paid recorded in p&l a/c is of which year previous year or current financial year ??
Tanuj Chandra Saxenaa
(Company Secretary)
(7085 Points)
Replied 28 December 2021
Current Financial year
sabyasachi mukherjee
(27864 Points)
Replied 28 December 2021
Income tax is a statutory liability , hence such payment is charged in profit and loss account.
Recent Topics
- ITR2 online filing
- ITR2 EVERIFICATION
- Clarification on Reporting Employees in 24Q1 Salar
- GST to be paid by Housing Society members
- LTCG IN ITR2 FROM DEBT FUNDS ACQUIRED IN 2020
- Self Assessment Tax. After July 31, 2025 for ITR-1
- Rebate 87A not getting
- Income Tax Rectification-TDS not claimed in ITR
- Gst Amendment HSN summary
- Unable to get some value eligible for claim in old
Related Threads
Trending Online Classes
CAclubindia
