Hello,
If client has paid income tax for the FY 2021-22, CAN IT BE SHOWN UNDER EXPENSES SIDE OF PROFIT AND LOSS OR how would it be shown?
13 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14805 Points)
Replied 25 September 2023
What is status of your Claint ?. Sole proprietorship, partnership firm, Company or LLP or any other please clarify.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 25 September 2023
Income Tax is a liability and which is balance sheet item.
But companies just disclose it sch III format but it is not relevant for IT Computation.
PBT : Profit Before Tax is the base
But companies just disclose it sch III format but it is not relevant for IT Computation.
PBT : Profit Before Tax is the base
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 26 September 2023
Yes I agreed with Mr Aalam Sheikh
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 26 September 2023
| Originally posted by : sabyasachi mukherjee | ||
 |
Income tax paid amount paid in pl |  |
Super Super..
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 27 September 2023
Income is not an operational expense and generally it's not form part of P and L
N. A
(JOB)
(45 Points)
Replied 28 September 2023
If any amount is withdrawn by the owner for personal use, that is considered as drawing and debited to drawing account. Drawing amount will be deducted from the capital account.
Income Tax paid is a personal expense of the owner, hence this has to be debited to drawings account.
sabyasachi mukherjee
(27579 Points)
Replied 28 September 2023
It is charged to Pl account.
first provision of outstanding liability for tax for current year
pay the provision for outstanding liability for tax.
first provision of outstanding liability for tax for current year
pay the provision for outstanding liability for tax.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 September 2023
It's under capital account for proprietor...
Shaw Randolph
(2 Points)
Replied 02 October 2023
It is charged to the Pl account. initial provision for outstanding tax liability for current year pay the provision for outstanding tax liability.
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