Professional tax (branch accounts)

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Student CA Final
21 Points Posted on 25 November 2014

We are a manufacturer Co. with Head Office in Gujarat. We have branches in 14 other Indian states. So, whether payment of Professional Tax for the branches should be made to Gujarat Government or the branch specific State Governments ?

 

Also what if the scenario was:

1. Appointment and reporting of all employees in done from Gujarat(HO)

2. Salary expense in reflected in the books of a) H.O or b) Branches

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On 25 November 2014 at 18:05 Report
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Master in Accounts & high court Advocate
7021 Points Posted on 30 November 2014
There are three methods to calculate profits of a retail dependent branch. Any of these
can be used to calculate branch profits; nevertheless, selection of method will depend
upon the nature of operations, size and level of complexity of the transaction.
·  Debtor system
·  Income statement system
·  Stock and debtor system. so which method is following your organisation ? The accounting enries are vary depends upon the method.
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On 30 November 2014 at 14:50

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