Hi,
I have paid penalty under tax on regular assessment (400) for AY 13-14 .Please advice under which head I need to take the accounting entry.
thanks
savita
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Regular assessment tax
Replies (2)
Dear Savita,
any Penalty under income tax law firstly transffer to profit & loss account for accounting purpose, but at the time computing income as per IT act,such penalty will be disallowed.
Entry will be:
Penaly A/C Dr.
To Bank/Cash A/c.
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