Dear Sir/Ma'am,
My audtior asked me to make corrections in the professionall tax (PT)
Professional Tax must be accounted as current liability on salary Due Entry (Not as Expenses Ledger) on payment it need to be debited Professional Tax Payable a/c & bank a/c to be credited( Professional Tax Should not to be shown as expenses since same has been collected from employees so Expenses of Rs 600 need to be adjusted by following Above Accounting Entry
Please can any one explain me with example.
Many thanks in advance.
Best Regards,
Anitha
CAclubindia
