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veera (self)     27 July 2021

How tto Record entries

sir i need to know that how i can record the entry of late fee & penalty in books of a/c and where will be the effect of these entry hit wheather p&l or capital a/c
pls clear this doubt from my mind

 2 Replies

Komal Barapatre

Komal Barapatre   27 July 2021

It it a proprietorship or comapny or partnership ?
CMA Poornima Madhava

CMA Poornima Madhava (CMA)     27 July 2021

These are to be debited to p&l account. While late fee may be an allowable deduction, penalty is not an allowable deduction under income tax.

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