What will be the ledger group for late fees paid for late submission of 3B ?
Shall we put it in Duties And Taxes or Indirect expenses ?
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Late Fee Entry
Replies (7)
indirect exp
It shown as indirect expense
I agree with the experts, you should charge the same to revenue expenses and debit the p&l account
Yes ...but will not allowed as expense (Add back)
I correct and agree with Pakaj rawat ji.... not allowed as an expense under income tax by virtue of section 37(1) of income tax act.This expense is on account of default do not to be treated as expense for the assessment of Income Tax.
Late fee can not take an expense.
Can it be debited to capital account ?
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