Is the excise duty paid will be part of expenses in p & l
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 February 2013
I Want to Know. Is the excise duty paid in cash or bank will be part of expenses in profit & loss account.
Regards
Gopal Chaturvedi
Regards
Gopal Chaturvedi
23 February 2013
It would be depending on the accounting policy you following. I.e you considering excise duty separately in invoice and accounting separately(either input or output) then it's not through the P&L account and shows at the balance sheet otherwise it comes and P&L account as well as turnover includes excise duty amount also for the purpose of audit turnover considering at the time of tax audit.
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