Deduction of payment made for sales tax for earlier year
This query is : Resolved
19 October 2015
DUE TO SURVEY OF SALES TAX DEPARTMENT IN F.Y 2010-2011 SALES TAX PAYABLE YEAR WISE DETERMINED IN F.Y 2014-15. FOR F.Y 2008-09/2009-10/ & 2010-11. PROVISION FOR SALES TAX WAS NOT MADE IN EARLIER YEARS NOW AMOUNT FOR EARLIER YEAR IS PAID DURING F.Y 2014-15. CAN THE ENTIRE AMOUNT OF SALES TAX PAID BE CLAIMED AS EXPENSES AND DEBITED TO P&L A/C DURING A.Y 2015-2016.
20 October 2015
Yes, the entire amount is deductible in FY 2014-15. In any case Under Section 43B, sales tax is deductible only when it is actually paid.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- Tds on building rent monthly
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
