Professional tax

I am an employee & my company had been deducting PT @ 200 pm during 2011-12.

  1. In Tally, under which GROUP (of Tally) I should enter the PTs of each months?
  2. Now I have received Form 16.  How should I complete ALL the Tally entries done?

Please elaborate by specifying clearly the ledgers & under GROUP (if at all to be done).

Thanks in advance

Replies (3)

Suppose the salary of an employee is Rs. 15,000/-

Professional Tax is Rs. 200/-

 

the Entry will be

Salary A/c Dr ( Indirect Exps)  15,000/-

       To Professional Tax Payable A/c ( Current Liabilities ) 200/-

        To Bank A/c                                     ( Current Asset)    14,800/-

 

When the Profe. Tax is Paid to Govt.

 

Prof. Tax Payable A/c Dr  200

          To Bank/Cash A/c  200

PT @ 200 was getting cut from my salary every month.  Now co. has issued me FORM 16.

Should I collect the bank name from the Co.?

Thanks

Ohhh I m sorry my earlier reply was accounting from the company point of view. In this case you have to open a Professional Tax A/c in the group of Indirect Expense.

Or

 

You May Credit the Net Salary Received by you in your Bank Account.

 

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