I am an employee & my company had been deducting PT @ 200 pm during 2011-12.
Please elaborate by specifying clearly the ledgers & under GROUP (if at all to be done).
Thanks in advance
Suppose the salary of an employee is Rs. 15,000/-
Professional Tax is Rs. 200/-
the Entry will be
Salary A/c Dr ( Indirect Exps) 15,000/-
To Professional Tax Payable A/c ( Current Liabilities ) 200/-
To Bank A/c ( Current Asset) 14,800/-
When the Profe. Tax is Paid to Govt.
Prof. Tax Payable A/c Dr 200
To Bank/Cash A/c 200
PT @ 200 was getting cut from my salary every month. Now co. has issued me FORM 16.
Should I collect the bank name from the Co.?
Thanks
Ohhh I m sorry my earlier reply was accounting from the company point of view. In this case you have to open a Professional Tax A/c in the group of Indirect Expense.
Or
You May Credit the Net Salary Received by you in your Bank Account.
CAclubindia
