How to pass journal entry of profession tax for company and Directors.
This query is : Resolved
17 June 2021
How to pass journal entry of profession tax for company and Directors.
17 June 2021
1)Professional tax on company is expense and may be debited to profit and loss account under Rates&Taxes
2)PT of directors is kind of TDS, you collect from director salary and same will be paid back to exchequer with in due date
Ex:
Dr Director salaryA/c
Cr Salary Payable A/c
Cr PT (Duties & Taxes)
Dr PT
Cr Bank
2)PT of directors is kind of TDS, you collect from director salary and same will be paid back to exchequer with in due date
Ex:
Dr Director salaryA/c
Cr Salary Payable A/c
Cr PT (Duties & Taxes)
Dr PT
Cr Bank
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17 June 2021
Thank you so much for explanation and entries.
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