is the logic correct
This query is : Resolved
08 January 2009
why the Partners' capital account Dr why not to expenses account can i pass following entry
(31/3/2008) jv
income tax dr (indirect expenses)
income tax payable cr (provision)
1/9/2008 payment
incometax payable dr
cash/bank
(31/3/2008) jv
income tax dr (indirect expenses)
income tax payable cr (provision)
1/9/2008 payment
incometax payable dr
cash/bank
08 January 2009
You can do it. But while calculating the income tax it has to be added to the net profit.
08 January 2009
It is not an allowable expenditure under the income tax act, 1961.
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