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Should we take the taxes in to P& L A/c.
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Answer / tarjeet bisht
No,Because it will effect in our profit or loss
| Is This Answer Correct ? | 12 Yes | 1 No |
Answer / h.r. sreepada bhagi
This question needs clarity.
Any tax (like VAT, Excise, Profession Tax, Income Tax, etc.)
Which is collected from the customers or employees or others
& payable to the Government will come on the liability side
of the Balance Sheet to the extent outstanding or payable
after adjusting Input tax Credit (In case of VAT & CENVAT).
Any other tax paid by the company on it's own account (Not
Income Tax which is shown below the line in P&L A/c) should
be charged off in the Profit & Loss A/c under Rates & Taxes
or any appropriate head (Group)
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| Is This Answer Correct ? | 8 Yes | 0 No |
Answer / sreeram
not only affecting to the profit, this we cannot claim as
an expens as per th Act.
| Is This Answer Correct ? | 8 Yes | 1 No |
Answer / shiva
taxes paid should be shown in the P & L a/c. and Provisions
also should be shown in the debit side of the Profit & Loss
a/c. at the same time these provisions should be effect on
the Laibility side of the Balance Sheets. Income Tax and
and Other Taxes might be shown when you prepared Profit &
Loss Appropriation A/c.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / ramu
Rates & Taxes are effected only P&L A/c ( Indirect Expenses)
| Is This Answer Correct ? | 1 Yes | 0 No |
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