25 August 2011
In F/Y 2010-11 a newly imposed cess has been account for by debiting the P&L a/c and crediting the liability and same is disallowed in f/Y 2010-11 as not deposit till the due date of filling of ROI. But after filling of ROI for the F/Y 2010-11, the above said cess become not payable to us. In this situation if we reverse the liability in F/Y 2011-12 (which was created in F/Y 2010-11and disallowed in f/Y 2010-11), then whether, reversal of above said liability in F/Y 2011-12 will attract any tax.
CAclubindia
