I am a director of a private limited company . We are engaged in manufacturing garments business , recently i incurred an expense for a business fair to be held in last week of June .
So , what will be the accounting entry for the same ?
Will i get input credit for gst paid ?
and whether such expenses are allowed as business exp in income tax ?
pls reply ....
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Business Promotion expense
Replies (10)
kindly tell the nature of expense and its components as it is important to check whether the credit is available or not.... kindly explain further
as i am a manufacturer of readymade garments , our readymade garments association organises a fair where we have to pay for the rooms booked .
so , yes it is a business expense as it is done for furtherance of business and also the gst paid will be available as credit....
entry -
1- business promotion
gst outwards
to bank
2- profit and loss Dr
to business promotion
entry -
1- business promotion
gst outwards
to bank
2- profit and loss Dr
to business promotion
Thank You . As the fair i am talkin about is going 2 take place in Last week of June , so will i get credit on payment basis or after occurence of event ? and whether such payments are liable for deduction fr income tax computations ?
suppose you pay 8000( exp ) and 2000 gst ..
for tax calculation you are eligible for deducting 8000 from your income
and the remaining 2000 will be available as credit as soon as you make the payment .
for tax calculation you are eligible for deducting 8000 from your income
and the remaining 2000 will be available as credit as soon as you make the payment .
ok thank u . 😊
like my reply if you're happy with them
endorse Jai sir view
sir while making entry in tally regarding the issue discussed above can i directly pass
1. Business promotion ..dr
to bank
or , should i first pass a due entry ?
1. Business promotion ..dr
to bank
or , should i first pass a due entry ?
first pass die entry then payment ...
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