I want to the head of account to be debited in case the bribe paid to Police in case of Limited compnay?????
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Bribe paid to police
Replies (10)
Yo can not debit the amount paid towards bribe as it is illegal and ill be disallowed accodingly as well
Bribe is illegal so no entry allowed. It should be borne by TCWG. However some genius use head like cash lost in transit, loss due to fake currency, damaged notes.
Enter comment here
deduction is not allowed as a bussiness expense
Dr it with another name to take tax benefit
Oh , thank you, I have found that isskal very good that you've found thanks) )
What a question1 Has police given you signed vouvher for bribe paid so that you can support your entry in the books of Account?
No Entry for this transaction.
As we know that there is no difference between legal and illegal income according to I.T ACT 1961.
Entry shall be passed on the basis of source document ( i.e., cash memo, Voucher , Cheque, debit note, Credit note etc ). No police officer gives any cash memo or any other document against bribe.
So you can not pass any entry
Entry - Will be passed. NO ONE WILL BORNE THIS unless he has a lot of money.
BUt no entry can be passed as there is no proof of payment.
SO ---- it will be passed under anything that comes under miscellaneous expenses.
PS : Bribe paid - 100 rs - Conveyance / Gardening expenses / Misc exp / Travel exp
To, Cash
Bribe paid - 50000 rs - above entry shall be passed 50 times with different denominations.
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