Treatment of Tax item in BS

Shridhi Jain (Company Secretary) (1678 Points)

26 February 2011  

Dear Members,

I m trying to understand the balance sheet of company. Kindly tell me how to treat the tax related items in BS (under which head) as well as in P&L. (in which head) What are their treatment according to Accounting Standards?

Kindly tell me the treatment of following items (debit balances as well as credit balances):

TDS deducted by the company, TDS deducted by other parties from the payment made to company, TDS on FDR, Provision for IT, Provision of Wealth Tax, CENVAT, Cess, EPF payable/paid, DVAT, WCT payable, Service tax Payable/Receivable, Income Tax payable/paid etc.

Any other items related to taxes...

I appreciate if you give some time to my query. Please reply.

Thanks.