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Where is income tax is recorded

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1359 Points Joined October 2021
where is income tax is recorded in final account in sole proprietorship and partnership ?
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On 28 December 2021 at 00:39 Report
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Company Secretary
7085 Points Joined March 2014
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
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On 28 December 2021 at 00:47
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1359 Points Joined October 2021
Income tax paid recorded in p&l a/c is of which year previous year or current financial year ??
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On 28 December 2021 at 00:49
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Company Secretary
7085 Points Joined March 2014
Current Financial year
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On 28 December 2021 at 01:38
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Profession Business
28196 Points Joined May 2017
Income tax is a statutory liability , hence such payment is charged in profit and loss account.
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On 28 December 2021 at 18:05

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