Income tax fees paid
Atharv Sankliya (1356 Points)
30 December 2021
income tax fees paid is recorded in legal expenses ??
4 Replies
Tanuj Chandra Saxenaa
(Company Secretary)
(7075 Points)
Replied 30 December 2021
In Tally show under Duties and Taxes Head
It is a indirect expense which is chargeable to the Debit Side of Profit and loss Account
It is a indirect expense which is chargeable to the Debit Side of Profit and loss Account
CA Aakarsh Jain
(CA)
(10431 Points)
Replied 30 December 2021
No expense incurred as income tax fees, penalty or tax under income tax are allowed as deduction.
However if u mean fees paid to any professional or lawyer related to income tax then it shall be debited to P & L A/c.
Also it cannot be debited to head 'Duties n Taxes' (wrongly answered above)
However if u mean fees paid to any professional or lawyer related to income tax then it shall be debited to P & L A/c.
Also it cannot be debited to head 'Duties n Taxes' (wrongly answered above)
Tanuj Chandra Saxenaa
(Company Secretary)
(7075 Points)
Replied 30 December 2021
Any tax paid is shown under duties and taxes head in tally. Sorry I read it as income tax paid, and did not see income tax fees paid. Income tax fees paid can be recorded as professional fees.
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