Managing Director personal income tax is company exp ? in which a/c ledger we s

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 ?

Question Posted / nilesh

3 Answers
6082 Views
ICA, I also Faced
E-Mail Answers

Answers were Sorted based on User's Feedback

Managing Director personal income tax is company exp ? in which a/c ledger we should debit MD incom..

Answer / mohsin1133

Managing Director Personal Income Tax Is not company Exp.
it will be debited in Capital a/c of Director.
Property tax is liability untill it is not paid & treated
Exp when paid.

Is This Answer Correct ?

12 Yes

0 No

Managing Director personal income tax is company exp ? in which a/c ledger we should debit MD incom..

Answer / mahesh

This is not company expeses. It sould be posted to
directory remuneeraion account. it is expenses.

Is This Answer Correct ?

10 Yes

0 No

Managing Director personal income tax is company exp ? in which a/c ledger we should debit MD incom..

Answer / 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

Is This Answer Correct ?

1 Yes

0 No

Post New Answer