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Managing Director personal income tax is company exp ? in
which a/c ledger we should debit MD income tax amount ?
Property tax is exp. or liabilities ?
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Answer Posted / bharathi
MANAGING DIRECTOR INCOME TAX IS NOT COMPANY EXPENSE. THE AMOUNT OF TAX TO BE DEDUCTED FROM HIS REMUNERATION UNDER SEC 192 B (TDS ON SALARY OTHER THAN GOVT. EMPLOYEES). PROPERTY TAX OF THE COMPANY TO BE TREATED AS EXPENSES IF THE TAX IS PAID ALREADY. IF IT IS DUE IT SHOULD BE ACCOUNTED IN EXPENSES AND THE SAME WILL REFLECT IN OUTSTANDING EXPENSES IN LIABILITY COLOUMN
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