Interested to Buy Any Domain ? << Click Here >> for more details...
Should we take the taxes in to P& L A/c.
- 6 Answers
- 10132 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
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)
Advice to those posting questions - Please be clear what you
want to know & mention it in detail. To those posting the
answers - First understand the question and try to give a
complete answer as it will be referred by many beginners.
Besides going through answers here, take guidance from
Seniors, experts. (Like Chartered Accountants, Cost
Accountants, Company Secretaries, Tax Advisers/Consultants,
Finance/Accounts Managers in the company you are working, etc.
One important thing to the beginners, if you can not answer
a question, politely request the person/s who's asked it to
answer for enhancing your knowledge. Certainly I feel that
the person will oblige you.
| 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 |
what is the process of cenvat credit taken in service tax( in direct & indirect service)
Name three (3) equity security data points
A company has not deposited TDS since April 2010 till 31-12- 10. TDS amount is around 3.00 Lacs per month u/s 194c,J and 1.00 U/s 192. Can any one tell concequences and chart in excel sheet how much to be deposited as on 31.12.2010 with interest. For each quarter - whether interest calculation is separate or to take it cumulative. pls explain with qanswers and hoe much panely , interest to be paid till 31.12.2010 also inform the status of tds certificates to be issued and panelty for the same for late issuance. i.e what shud be the date of issuing the certificates to public & empoloyees.
Explain in simple terms what is the difference between asset, equity, and liabilities?
Explain have you ever heard about tds, what it is?
why dr is on left hand side while cr is on right hand side?
Difference between P/L a/c and Trading a/c
How to create a liability for Service Tax in SAP
Derivative
wate is the TDS
How to maintain the reserve a/c inspite of the withdrawls in a propreitorship and ways to reduce the gap of excess current assets to the less current liabilities.
Types of vouchers with explaination
Audit 
