Profession tax entry
This query is : Resolved
12 March 2014
Sir, what is an accounting entry for PT deduction from salary in export company and its comes under which head ie under duties & taxes or treat as an expenses in p&L a/c?
12 March 2014
1) Enter the following transaction after deduction the PT from the salary of employees.
Salary Ac. Dr,
to Professional Tax Payable Ac.
2) After Payment to govt treasury.
Professional Tax Payable Ac. Dr.
to Bank Ac.
Salary Ac. Dr,
to Professional Tax Payable Ac.
2) After Payment to govt treasury.
Professional Tax Payable Ac. Dr.
to Bank Ac.
12 March 2014
This not your Expense. Because you have to deduct from employee salary and pay to govt.
Therefore it comes under Government Dues (Current Liability).
Therefore it comes under Government Dues (Current Liability).
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