Utility Bill payment interface with Shopping/retail spends MCC

[VISHESH_BANSAL]

I won't assume again so I am asking, how many of you guys ever looked at pnl accounts and capital accounts,
Provisioning is done for taxes to be paid by an individual in the pnl account and the taxes paid are deducted from the capital account of an individual while the earnings of an individual that he used to personal use are debited to drawings account

As per what you all are trying to prove that income taxes are personal in nature, shouldn't it be debited to drawings??

Financial/accounting nature of income taxes is commercial in fact

So, how Drawings Account is finally closed ??

 

[sidzzzzz]

So, how Drawings Account is finally closed ??

It is Debited from the capital account

 

[VISHESH_BANSAL]

Exactly, Taxes are Directly Debited to Capital, tax payment is not drawings.

Txns which Classify Drawings are debited to Drwaings for Accouting Purposes otherwise one can Directly debit Such txns from Capital instead of creating Drawings Account

It is Debited from the capital account

 

[sidzzzzz]

Exactly, Taxes are Directly Debited to Capital, tax payment is not drawings.

Txns which Classify Drawings are debited to Drwaings for Accouting Purposes otherwise one can Directly debit Such txns from Capital instead of creating Drwaings Account

No, actually only the items withdrawn from the stock or assets of the business or cash withdrawn from the business is debited to drawings account, not all transactions like me buying a dairy milk for a kid is debited to drawings account, once drawn from the business the cash becomes personal

 

[kushhh]

I am lithium then...

Be like cesium

 

[sidzzzzz]

Exactly, Taxes are Directly Debited to Capital, tax payment is not drawings.

Txns which Classify Drawings are debited to Drwaings for Accouting Purposes otherwise one can Directly debit Such txns from Capital instead of creating Drawings Account

Simply put drawings= personal, taxes = commercial
Why don't CA's debit the taxes paid to drawings, simply because they are not of personal nature, taxes are of non personal nature
A person buying a phone won't be a business asset and won't be eligible to claim depreciation but a laptop for business surely is eligible for depreciation, simply because of the nature personal/ commercial just like taxes

 

[Piyush_Jaiswal]

Be like cesium

Be like Francium

 

[SSV]

OK, but woh skilled karigar honge na. Irrespective of literate or illiterate they are skilled and contributing to your business. They are also a stake holder.

What say @S S V ?

Can't agree with you any more...

 

[techno123]

Bhai aaram se kaam le business transaction pe but use different cards not spend on single card,zyada se zyada kya hoga band kar denge cc ko.

 

[shrewdoc]

And the thread is still going. I'm here with Popcorn for everyone!

 

[raghu.rokda]

Kya kya dekhna pad raha hai

Accha hai mai andha hun

 

[navam]

Not sure maine yeh pura thread kyun padha.
Ab toh dabangg 3 dekhkar hi thoda intelligent feel kar sakta hun.

Close this thread admins before the educated folks burn their degrees.

 

[imdjay]

Not sure maine yeh pura thread kyun padha.
Ab toh dabangg 3 dekhkar hi thoda intelligent feel kar sakta hun.

Close this thread admins before the educated folks burn their degrees.

I hope you had a good time.

 

[AritraSaha]

Kya kya dekhna pad raha hai

Accha hai mai andha hun

 

[Aditya12]

 

[samm255]

View attachment 29026

 

[samm255]

Kya kya dekhna pad raha hai

Accha hai mai andha hun

 

[Survivor35]

View attachment 28347

In a nutshell "Be like Bill and calmly pay bills..

 

[simplegarv]

Closing Statement : Either Income Tax is commercial activity or not but you have to mandatorily pay the TAX. So, pay your bills in full & on time.

 

[LIIT]

Be aadarsh kid xD