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Income tax fees paid
income tax fees paid is recorded in legal expenses ??
Replies (4)
In Tally show under Duties and Taxes Head
It is a indirect expense which is chargeable to the Debit Side of Profit and loss Account
It is a indirect expense which is chargeable to the Debit Side of Profit and loss Account
Can we also recorded it as professional fees
No expense incurred as income tax fees, penalty or tax under income tax are allowed as deduction.
However if u mean fees paid to any professional or lawyer related to income tax then it shall be debited to P & L A/c.
Also it cannot be debited to head 'Duties n Taxes' (wrongly answered above)
However if u mean fees paid to any professional or lawyer related to income tax then it shall be debited to P & L A/c.
Also it cannot be debited to head 'Duties n Taxes' (wrongly answered above)
Any tax paid is shown under duties and taxes head in tally. Sorry I read it as income tax paid, and did not see income tax fees paid. Income tax fees paid can be recorded as professional fees.
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