Question

Where will income tax go in final accounts???
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Please answer this que ​

Answer 1

Explanation:

When provision is made (after ascertaining tax liability) for taxation against tax liability, the entry will be: In short, the same will appear in the debit side of Profit and Loss Account and also will be shown as a current liability under the head Current Liabilities and Provisions.

Answer 2

Explanation:

When provision is made (after ascertaining tax liability) for taxation against tax liability, the entry will be: In short, the same will appear in the debit side of Profit and Loss Account and also will be shown as a current liability under the head Current Liabilities and Provisions.