28 May 2021
Sir, A doctor running a private hospital treatment covid-19 patients in hospital.if a hospital penalty some amount pay to government. Question: Assess penalty pay amount treatment (show in business expenses or not business expenses ) procedure in accounting books in it act.
29 May 2021
Show it as business expenses in the books of accounts. For the purpose of calculating income tax add this penalty to profit and calculate tax.
CAclubindia
