Treatment of tax on regular assessement paid in cy
This query is : Resolved
Shruti Mishra
(Querist)
15 September 2013
Hi,
A company whose case is pending judgement before ITAT for AY 1999-2000 has been paying tax on regular asst since Nov 12 till date. What would be the treatment of the same for taxes so paid in the books of the Co. in CY - Should it be treated as expense or under some other head ??
Thanks
A company whose case is pending judgement before ITAT for AY 1999-2000 has been paying tax on regular asst since Nov 12 till date. What would be the treatment of the same for taxes so paid in the books of the Co. in CY - Should it be treated as expense or under some other head ??
Thanks
15 September 2013
Hi Shruti,
The balance tax on assessment should be adjusted to the Provision for tax and then the balance amount should be written off to the P/L account after adjusting the taxes already paid
The balance tax on assessment should be adjusted to the Provision for tax and then the balance amount should be written off to the P/L account after adjusting the taxes already paid
Ganeshbabu K
(Expert)
15 September 2013
Dr.prior year tax A/c
Cr.Bank Account
it is disallowed
Cr.Bank Account
it is disallowed
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