13 September 2008
In Income Tax Act there is no concept of Financing lease , only there is concept of Operating Lease which is similar to AS 19 in respect of Operating Lease. If you are following Operating Lease, there will be no addition or disallowance of expense. But if you are following Financial Lease, first of all the depreciation claimed in case of Finance Leased assets will be disallowed.
14 September 2008
we are following operating lease. eg. 100000+200000+300000/3=2 lakhs per annum exp should be booked as per as-19 so 200000 so what included in advance tax calculation 1 lakh or 2 lakh
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