income tax fees paid is recorded in legal expenses ??
Replies (4)
Quick Summary
This discussion clarifies the correct accounting treatment for income tax fees paid. While direct income tax itself is not a deductible expense, fees paid to professionals or lawyers for income tax matters should be recorded as professional fees, not under 'Duties and Taxes'. It's important to distinguish between the tax itself and the associated professional costs when accounting in Tally.
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.
Leave a Reply
Your are not logged in . Please login to post replies