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Education Cess

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(Querist)
31 January 2011 Is education cess is personal expense or business expenses?
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Manmohan ACA, CS

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Manmohan ACA, CS (Expert)
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
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CA Prashant Pandit

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CA Prashant Pandit (Querist)
31 January 2011 can u pls tell me any section or circular?
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Sunil Kr. Sanganeria

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Sunil Kr. Sanganeria (Expert)
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
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