Exp. claimed in previous year, but written back next fy.

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2013 Dear all,
Any one can explain me about below query.Suppose,
We have Claimed - say Telephone expenses of Rs. 50000/-in P&Loss A/c as deduction under income tax in previous year 2011-12.Now Next year say previous year 2012-13, we written back- Telephone exp say Rs. 3000/- (out of Rs. 50000/-,which claimed as deduction in previous year 2011-12 ) and shown as income - misc. income in Profit & Loss A/c.
Will this amount of Rs. 3000/- Misc. Income will be disallowed ,while making computation of Income for the previous year 2012-13.Explain under which section -41(1) ???

Please urgent reply.
Regards
Anil Jain
9312640067
akj9312640067@gmail.com

Guest

Guest (Expert)

27 June 2013 If any sum is recovered from the amount which is claimed as expenditure earlier, the same shall be the income of the year, in which such amount is recovered.
And the same is business Income.

Querist : Anonymous

Querist : Anonymous (Querist)

27 June 2013 Dear Mr. Ashish Barthwal,
Thanks for your quick reply.
I want to know that when we have shown income in Profit & Loss A/c , would it be add back while making computation of Taxable income for the previous year 2012-13.

Please reply.

Regards
Anil Jain
9312640067

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Guest

Guest (Expert)

27 June 2013 it will be shown in the year, when it is recovered.
only then it will be shown in the Profit and Loss account.
And yes it will be a taxable income.

In your case it is recovered in 12-13, hence it will be income of 12-13.