Where is income tax is recorded
Atharv Sankliya (1354 Points)
28 December 2021
where is income tax is recorded in final account in sole proprietorship and partnership ?
4 Replies
Tanuj Chandra Saxenaa
(Company Secretary)
(7075 Points)
Replied 28 December 2021
Income tax paid on the debit side of profit and loss account
if income tax payable it is recorded on the liabilities side of balance sheet
if income tax payable it is recorded on the liabilities side of balance sheet
Atharv Sankliya
(1354 Points)
Replied 28 December 2021
Income tax paid recorded in p&l a/c is of which year previous year or current financial year ??
Tanuj Chandra Saxenaa
(Company Secretary)
(7075 Points)
Replied 28 December 2021
Current Financial year
sabyasachi mukherjee
(27574 Points)
Replied 28 December 2021
Income tax is a statutory liability , hence such payment is charged in profit and loss account.
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