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advance tax

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16 March 2009 if any partnership firm paid advance tax in F.Y. 07/08 but it is reflacting in F.y 08/09 so how we writeoff it & agaist which account.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
16 March 2009 It will be written off to partners capital account.
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CA Nitin Wadhwani

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CA Nitin Wadhwani (Expert)
17 March 2009 If the profit for the year distributed to partners was profit before tax, then as mr.sharma says, otherwise adjust it against provision for tax.
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