Golgappa.net | Golgappa.org | BagIndia.net | BodyIndia.Com | CabIndia.net | CarsBikes.net | CarsBikes.org | CashIndia.net | ConsumerIndia.net | CookingIndia.net | DataIndia.net | DealIndia.net | EmailIndia.net | FirstTablet.com | FirstTourist.com | ForsaleIndia.net | IndiaBody.Com | IndiaCab.net | IndiaCash.net | IndiaModel.net | KidForum.net | OfficeIndia.net | PaysIndia.com | RestaurantIndia.net | RestaurantsIndia.net | SaleForum.net | SellForum.net | SoldIndia.com | StarIndia.net | TomatoCab.com | TomatoCabs.com | TownIndia.com
Interested to Buy Any Domain ? << Click Here >> for more details...

Should we take the taxes in to P& L A/c.

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.

Is This Answer Correct ?    8 Yes 0 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

HI, i was given only 1st round and i made it through the first round, then was sent for the final HR round.In the HR round the HR manager dint ask me a single question of the related job,all he asked was as following:- i)what are your salary Expectations ii)are you ok to do night shifts.then he thanked me and said he will let me know by 2 days,when i asked him for any feedbacks and suggestions he said that he will let me know only after 2 days.SO please help me what shall i expect from this one of a kind interview. Many thanks in advance.

1979


Tell me do you think accounting standards are mandatory and why?

1128


Define social responsibility accounting

1074


how to pass provision salary full and settlement(inclusive Bonus,Gratutity etc )please show me entry

4327


what is use of cost center category in tally ? why & when use this ? what is benfit ?

2058


hi every one i just want to know the entry for bank charges dt 31.3.2016 which deducted on 02.04.2016 kindly help me thank you raj

1652


what are voucher entries for EPF treatment in tally

2139


If A Company pays amount thru bank for a supplier deducting tds on behalf of B company. Accounting entries to be made in company A and B

4887


Tell us what inspired you to move to the next opportunity?

1044


explain me what steps would you take to increase revenue for this company?

1006


while preparing insolvency account deficiency account is wich account? why we do not prepare it with general rules?

3318


say something about your school

3121


WRITE ABOUT ANY 1 "WOMENS ARE BEST MANAGEMENT PERSON" "IF UR FINANCE MINISTER OF INDIA" "V R RESPONSIBLE FOR OUR ENVIRONMENT"

2337


What do you mean by material facts in accounting?

1053


Tell me what do you think is bank reconciliation statement?

1106