Income tax refund

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2016 if i paid income tax rs 76000 for the year 2014-15 on 30/10/15 and i forget to deduct same from p &l a/c so can i place this entry for the 2015-16 p.y as expenses

Gokul Sharma

Gokul Sharma (Expert)
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18 June 2016 income tax is not a allowable Expenditure you cannot book this as exp.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

18 June 2016 so what will be the entry for this and under which ledger i have to post?
and how to treat this transaction in books of account

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CA ABHAY GUPTA

CA ABHAY GUPTA (Expert)
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18 June 2016 Dr income tax a/c under head indirect expense 76000 Cr Bank 760000 (being self assessment tax paid for fy 2014-15) this exp will be disallowed while computing income for fy 2015-16