Education Cess
This query is : Resolved
31 January 2011
Is education cess is personal expense or business expenses?
31 January 2011
Its a business expenses , however not allowed under income tax act, but will be deducted as an expense while computing profit as in Accounts
31 January 2011
can u pls tell me any section or circular?
31 January 2011
Education cess is paid on Income Tax payable by person.
Income Tax is paid on income earned by person after deducting all expenses incurred and allowed as per the provisions of IT ACT.After deducting amount of Tax paid from the profit earned, balance amount is transferred to Capital Account/Reserve.
The same treatment for education cess.
Therefore Income tax is not an expense
Income Tax is paid on income earned by person after deducting all expenses incurred and allowed as per the provisions of IT ACT.After deducting amount of Tax paid from the profit earned, balance amount is transferred to Capital Account/Reserve.
The same treatment for education cess.
Therefore Income tax is not an expense
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS on Consultancy- Non DTAA
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Rental income gst and it purpose
- EPF FULL & FINAL RULES IN 2026
- Foreign lottery ticket bought online from India: legality, tax and consequences
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- Gift Received from nonblood relative
- Reprocessing of rectification order AY 2025-26
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
