Answer / tarjeet bisht

No,Because it will effect in our profit or loss

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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Besides going through answers here, take guidance from
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answer for enhancing your knowledge. Certainly I feel that
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Answer / sreeram

not only affecting to the profit, this we cannot claim as
an expens as per th Act.

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.

Answer / ramu

Rates & Taxes are effected only P&L A/c ( Indirect Expenses)

Answer / sam

no,this current liabities

please explain me, if I pay salary advance 3000 to satish then how to record entry, for payment, journal, adjustment if salary is 1500/month please send me correct entry shortly

2 Answers   AAI Airports Authority Of India,

Pls let me know Job profile for Account Manager.

0 Answers  

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2 Answers  

Mr. A purchased a machinery costing Rs. 1,00,000 on 1st October, 2005. Transportation and installation charges were incurred amounting Rs. 10,000 and Rs. 4,000 respectively. Dismantling charges of the old machine in place of which new machine was purchased amounted Rs. 10,000. Market value of the machine was estimated at Rs. 1,20,000 on 31st March 2006. While finalising the annual accounts, A values the machinery at Rs. 1,20,000 in his books. Which of the following concepts was violated by A? (a) Cost concept (b) Matching concept (c) Realisation concept (d) Periodicity concept.

0 Answers  

what will be the possible question for an interview in account post as a fresher

0 Answers  

By saying, perpetual or periodic inventory system; what do we mean?

0 Answers  

i have purchase goods for Rs.100 and company say you sell this goods for Rs. 80 and raised a debit note for diffrence amount and he fix 5 % commision on sales value what is journal entry passed in tell with narration?

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what is balance of trade

1 Answers  

if i am getting 165000 than should i dedected on my salary or not?

3 Answers  

hi i want to run vendor debit memo after he paid all amount i want to give discount through miro i am giving the price and quantity and run in through miro the system will pass another two more line iteams extra and shwoing dr/cr balance +/- when i will increase the amount this is also increasing what is the reason i dont know please send me immediately

0 Answers  

What Is Differ tax,

0 Answers  

Tell me whether the account “cash” will be credited or debited, when a company pays a bill?

0 Answers