A/c entriy interest paid on income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 September 2011
Dear Sir,
I want to know the accounting treatment of interest paid on income tax i.e
Interest on Income Tax A/C Dr
To Bank
(At the time payment of interest)
Profit and loss A/C Dr
To Interest on Income Tax
(At the time of closing books)
my confusion is that whether the head interest on Income Tax will be shown below the line/above the line in the Profit and Lose Account of the company.
Which option seems to be more appropriate
Thanxs
D K Bohra
I want to know the accounting treatment of interest paid on income tax i.e
Interest on Income Tax A/C Dr
To Bank
(At the time payment of interest)
Profit and loss A/C Dr
To Interest on Income Tax
(At the time of closing books)
my confusion is that whether the head interest on Income Tax will be shown below the line/above the line in the Profit and Lose Account of the company.
Which option seems to be more appropriate
Thanxs
D K Bohra
12 September 2011
it will be shown above the line in the P& L becz it just like any other fine or penalty paid by the company.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- Should I report my US salary for January, February, March in Schedule FA?
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
