Expenses

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Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2016 Sir please tell me what type of expense is income tax and EMD

Amol S Joglekar

Amol S Joglekar (Expert)
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15 September 2016 Income tax it is not ALLOWABLE expenses as per income tax act.
Income tax paid is treated s Current Asset. So also EMD (Earnest Money Deposit)

Querist : Anonymous

Querist : Anonymous (Querist)

15 September 2016 thanks sir but please tell me if our company/Owner paid their income tax so that tax case what type of group is as under current asset and duty & taxes or Current Liabilities for income tax A/c

Amol S Joglekar

Amol S Joglekar (Expert)
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15 September 2016 put it under current assets.......dont go in sub grouping

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