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)
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| Is This Answer Correct ? | 8 Yes | 0 No |
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