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Answer Posted / 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.
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