Treatment of tax on regular assessement paid in cy
This query is : Resolved
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
15 September 2013
Dr.prior year tax A/c
Cr.Bank Account
it is disallowed
Cr.Bank Account
it is disallowed
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
- Is this income indian or foreign income?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- 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?
Trending Online Classes
CAclubindia
