Professional tax
This query is : Resolved
11 May 2008
When does a company deduct professional tax from an employee's salary?on what basis is this deducted?how is it treated in the books of the employer?
11 May 2008
At the time of Salary Payable Date company deduct Professional tax from an employee salary.
Each State Government will decide the Rates of Professional Taxes .
Two Entries will be required to pass in the books of employer .
At the time of Salary Payable Date
Employee Salary A/c Dr.
To Bank A/c Cr.
To Professional A/c Cr.
At the time of Professional tax Payable Date
Professional Tax A/c Dr.
To Bank A/c cr.
Each State Government will decide the Rates of Professional Taxes .
Two Entries will be required to pass in the books of employer .
At the time of Salary Payable Date
Employee Salary A/c Dr.
To Bank A/c Cr.
To Professional A/c Cr.
At the time of Professional tax Payable Date
Professional Tax A/c Dr.
To Bank A/c cr.
11 May 2008
11 May 2008
..
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