The Commerce Journal,Business and Local Businesses
*The Commerce Journal>>>India Taxes

If the tax on sales (tax on turnover) find in trading a/c where we take in p&l a/c?

If the tax on sales (tax on turnover) find in trading a/c where we take in p&l a/c?

Sales tax you collect would have to go to sales tax department. It is neither a profit nor a loss for you.

Then , how come, that you include it in your profit & loss a/c.

If the tax on turnover is already included in the trading account, it does not agfain come in the P/L a/c. This element is included and forms part of the.gross profit / loss carried over from trading account to P/L accounts. AGRamasubramanian

any head coming in accounts shall go either to manufecturing, trading account or to p/l account . it cant go to both accounts . it is not repeated . dr kub

It is Balance sheet item. Credit 'turnover tax payable account' (after finding out the element of said tax) and debit sales. Any payments made against turnover tax will be debited to this account and balance will be your liability to pay. Automatically your profit will get reduced.

Tags
　　United States Taxes 　　United Kingdom Taxes 　　Spain Taxes 　　Singapore Taxes 　　Mexico Taxes 　　Ireland Taxes 　　India Taxes 　　Germany Taxes 　　Canada Taxes 　　Australia Taxes 　　Small Business
Related information
  • Within how many days ,normally I have to pay custom duty, when I bring some jeweleary and gift items?

    You have to pay then and there. If you have no money to pay the customs duty for the jewellery and/or gift goods upon your arrival, you can keep the goods in customs bonded warehouse and obtain ...

  • What is maximum limit for Rebate under Section 80C on account of Tuition Fee paid for 1 child in 2007-08?

    Mr. drsanjee...'s answer is right. It is one lakh. Maximum 80C deduction is allowed up to a limit of Rs.1,00,000. This 80C deduction includes Tuition fee for 2 children, PPF, LIC premium,...

  • I have got a money from U.S. sent my brother Rs.1,00,000, is it taxable in India again? and I have to pay tax?

    Gift needs some documentation like gift deed. If it is gift from U.S., it is needed to be proved that the sender has capacity to give such a gift and Embassy Affidavit may be needed. It is b...

  • PLEASE SHOW ME MY PAN CARD NO ADLPR0821L on the internet or how can i view my PAN card details?

    Pan card No.ADLPR0821L; Your name is KASARAGOD PANDURANGA RAO as per PAN. OK. (Sorry I can only tell up to your name). If you have misplaced or lost your PAN card, you can obtain another card...

  • Can a employee get an exemption for his disabled relative when thier father is a pensioner?

    As far as I know it is not allowed in India. You cannot claim any exemption for a disabled relative.

    ...
  • When an NRI becomes resident, he has to open a new demat account. what are the charges for share transfer??

    It differs from DP to DP. But in any case it may not be more than Rs.50/- per company. Or they may charge some low % on value of shares. You can contact them over phone. I am giving the phone num...

  • What will be new salary of a person after 6th central pay commission whose present salary is 5500/-?

    how can someone tell u about the report which is not even published as yet. the report of 6th pay commission is still under formulation/discussions and supposed to be a secret till the report is s...

  • 070440880006114 is my acknowledgement's no. but tell my pan card status.?

    Your application is under process at NSDL - TIN Facilitation Center. You your self can track your PAN card status. The web link is given below. For Application Type: Select " PAN - New ...

    • 　

    Commerce Categories--Copyright/IP Policy--Contact Webmaster