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
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