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advance salary

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Guest

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Guest (Querist)
11 August 2009 Advance salary paid to employee is not recoverable.Can it be dedutable under IT Act .and also under which section .
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Chandresh Pitroda

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Chandresh Pitroda (Expert)
11 August 2009 It is deductible.
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C.A Rohit Gambhir

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C.A Rohit Gambhir (Expert)
11 August 2009 It is deductible but first you need to write off this advance salary and charge it off to the current year P&L statement
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Guest

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Guest (Querist)
12 August 2009 Thanks Chandresh and Rohit.

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