frienge benifit tax entry
This query is : Resolved
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
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
02 December 2008
let me know the entry
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.
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
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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