27 September 2009
During finalisation of accounts for the year 2008-2009 of partnership firm , we have given effect of FSI/ Land Revaluation . The one effect is given to partners current account by share of Revaluation and another is showing under current assets. Is this effect is proper .
27 September 2009
If you credit to partners current account then the assessing officer can treate it as deemed income accrued and he may tax you on that.
Instead if you want to postpone your tax then credit the same to revaluation reserve.
Depending on the situation you have to act properly otherwise tommorow assessee will fall into to trouble.
CAclubindia
