Actually we have paid professional tax in one financial year excess. Can we adjust that Professional tax excess paid amount to the next year. If yes how can we show in the books of accounts? Please guide me.
manapragada durgabhavani (accounts manager) (24 Points)
30 April 2011Actually we have paid professional tax in one financial year excess. Can we adjust that Professional tax excess paid amount to the next year. If yes how can we show in the books of accounts? Please guide me.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 01 May 2011
no, u have to book that expense now in expenses,
on assessment, if the department find that excess tax is submitted, they may issue a note for adjust in year of assessment or refund ( generaly adjusted in year of assessment)
if u want to adjust it right now, u have to visit the P Tax officer with details and discuss the issue, they will advise you the right step to proceed.
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