Poonawalla fincorps
Poonawalla fincorps

Income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
13 March 2014 If banking Organization or any organisation paid income tax they gives that effect in Income & Expenditure Account But the payment of income tax is disallowed under Income Tax Act.Why this should not be a allowable Expenditure?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
19 March 2014 Section 40(ii) of the Income Tax Act provides that NO deduction shall be allowed for Income Tax.
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CS,CA F,Numrologi TusharSampat

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CS,CA F,Numrologi TusharSampat (Expert)
19 March 2014 because income tax is charge on ur income and is not exp and hence not allowed to be deucted u/s 40(ii)
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