Journal entry for profession tax late filing penalty
This query is : Resolved
10 September 2014
For a private limited company, while filing Profession tax returns (maharasthra), a Rs.1000/- late return filing fee was paid. So what will be the journal entry for the same and will it be consider as Indirect expenses?
Also the PTEC of Rs.2,500/- paid for Profession tax will be an indirect expense allowed to be deductable from profit and loss?
Also the PTEC of Rs.2,500/- paid for Profession tax will be an indirect expense allowed to be deductable from profit and loss?
10 September 2014
Yes.Professional tax renewal will be allowed as expence.
Penalty paid was disallowed and required to disclose in Form 3CD also
.
.
Dr.Rates &Taxes 2500
Dr.Penalty
Cr.Bank
Penalty paid was disallowed and required to disclose in Form 3CD also
.
.
Dr.Rates &Taxes 2500
Dr.Penalty
Cr.Bank
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