Income Tax Payable
Code: 2155Account Information
| Account Type | Statement of Financial Position |
| Normal Balance | Credit |
Definition
Income tax owed by the company for the current financial year
Common Journal Entries
Dr. Income Tax Expense
Cr. Income Tax Payable
Dr. Income Tax Payable
Cr. Bank Account
Dr. Income Tax Payable
Cr. Bank Account
Dr. Income Tax Expense
Cr. Income Tax Payable
Dr. Income Tax Expense
Cr. Income Tax Payable
Dr. Income Tax Payable
Cr. Bank Account
Dr. Income Tax Payable
Cr. Bank Account
Dr. Income Tax Expense
Cr. Income Tax Payable
International Accounting Standards
Current tax measured at amount expected to be paid using rates enacted by reporting date.
Similar current tax measurement. Uncertain tax positions require recognition threshold analysis.