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frienge benifit tax entry

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(Querist)
02 December 2008 if i want provide provision for fbt, for this entry...

fbt a/c dr.
to fbt payable ,

fbt ledger can be created under indirect expenses , is it correct or not.

fbt payable normally created under provisions
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vijayabhaskarareddy

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vijayabhaskarareddy (Querist)
02 December 2008 let me know the entry
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Rajdeep Pawar

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Rajdeep Pawar (Expert)
02 December 2008 FBT is Direct Tax & not the indirect tax. But for accounting purpose it is like the advance payment of tax & will be grouped under Loan and advances as Advance Income Tax.
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Nazir

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Nazir (Expert)
02 December 2008 Vijay,

while making provision you pass the entry like FBT Expenses (indirect expenses) a/c dr to FBT payable (under provision) and after you paid FBT then pass the entry like FBT (Advance Income tax under the head of loans & advances) a/c dr to Bank.

Rajdeep,

Vijay was asking about indirect expenses you get it wrong as indirect taxes.

Nazir
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