Treatment of Bribe

Page no : 3

CA,CMA,CS Karan Gogia (Employed) (230 Points)
Replied 17 July 2011

in accounts

if it is outflow , dont show it in a/c's and give it...same for the inflow ...

and in income tax..section 29, illegal expenditure are not allowed but illegal income are charged to tax...

CA. Roopali Kadam (Jobs on assignment basis.) (1453 Points)
Replied 17 July 2011

dog food exps!!!!!!!

Donation!!!!!!!

Jail A/c

sumit mahajan (articleship) (27 Points)
Replied 14 August 2014

Not Allowable as per Income Tax Act. You can record this transaction in books of accounts but you would not be able to justify this expenses and auditor would report in Audit Report about this exp.

Madhu (Student) (26 Points)
Replied 15 August 2014

I made a/c as consultancy fee. But practically all bussiness have to pay bribe so they have to keep that record also some where so that they understand how much bribe they have paid in year.