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How to pass journal entry of profession tax for company and Directors.

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17 June 2021 How to pass journal entry of profession tax for company and Directors.

17 June 2021 1)Professional tax on company is expense and may be debited to profit and loss account under Rates&Taxes
2)PT of directors is kind of TDS, you collect from director salary and same will be paid back to exchequer with in due date

Ex:
Dr Director salaryA/c
Cr Salary Payable A/c
Cr PT (Duties & Taxes)

Dr PT
Cr Bank

17 June 2021 Thank you so much for explanation and entries.






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