sale tax entry
This query is : Resolved
30 May 2010
Hi
My queary is that if Sale tax Authority realease any demand for sale tax paymet, Then how to account for this entry.Is this expenses is allowable expenses as per income tax ?
My queary is that if Sale tax Authority realease any demand for sale tax paymet, Then how to account for this entry.Is this expenses is allowable expenses as per income tax ?
Rishab Mathur
(Expert)
31 May 2010
These expenses will be normal business expenses and will be allowable in Income Tax. However, if Sales Tax authority has laid any penalty or penal interest. That will not be allowable deduction in income tax.
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Ram Avtar Singh
(Expert)
31 May 2010
sales tax paid DR
Bank/cash Cr
rest is replied by rishab mathur.
Bank/cash Cr
rest is replied by rishab mathur.
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