Where is income tax is recorded

28 December 2021

where is income tax is recorded in final account in sole proprietorship and partnership ?

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4 Replies

Tanuj Chandra Saxenaa (Company Secretary) (7070 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

Atharv Sankliya (1306 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) (7070 Points)
Replied 28 December 2021

Current Financial year

sabyasachi mukherjee (26043 Points)
Replied 28 December 2021

Income tax is a statutory liability , hence such payment is charged in profit and loss account.

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