Duty & Taxes
This query is : Resolved
18 September 2007
What treatment of Duty & Taxes in account book of company
19 September 2007
Duties and Taxes are the part of current liabilities and should be treated as such.
19 September 2007
Your question is not very clear. There are various type of Taxes and duties. You should ask specifically for treatment in books. Excise duty and income tax are treated separately however other duties & taxes are charged to revenue and should be separately shown in Profit / Loss a/c as per requirement of Schedule VI.
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