Tax

Tax paid is one of the expenditure of the firm. The treatment of tax is just like other expenditures.

Vijay K

CA Inter

★ 9K+

09-Oct-21 15:33

Tax like GST if collected from customer and liability is pending to be paid, it will be Current liabilities, else if excess balance with us, its either short term advance or net off from current liabilities. Income Tax is deduction from PBT then PAT moved to Reserves & Surplus.

Sanath Kumar S

CA Final

★ 3K+

09-Oct-21 17:07