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Income tax fees paid

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1359 Points Posted on 30 December 2021
income tax fees paid is recorded in legal expenses ??
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On 30 December 2021 at 21:04 Report
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Company Secretary
7085 Points Posted on 30 December 2021
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
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On 30 December 2021 at 21:37
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1359 Points Posted on 30 December 2021
Can we also recorded it as professional fees
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On 30 December 2021 at 22:10
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CA
10436 Points Posted on 30 December 2021
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)
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On 30 December 2021 at 22:42
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Company Secretary
7085 Points Posted on 30 December 2021
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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On 30 December 2021 at 22:49


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