Is panelty under service tax can debited to p&l account
2 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5197 Points)
Replied 03 October 2015
Yes. It is an expenditure for the business. so debit to the P & L a/c as per principle of nominal account rules. Debit all expenses and losses. Credit all income and gains.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 04 July 2016
Yes you can debit it but as income tax provision its deduction is not available.
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