Diasllowance of expenses
This query is : Resolved
06 October 2014
Whether Interest on TDS late deposited is allowed under Income Tax or not? If it is not allowed then under which section of Income tax Act 1961 this is disallowed?
Similarly Loss on Sale of assets debited in books disallowed under which section of Income Tax act while computing Tax liability?
Similarly Loss on Sale of assets debited in books disallowed under which section of Income Tax act while computing Tax liability?
06 October 2014
As per section 37 interest on late payment of tds is disallowed.
Loss is disallowed as depreciation laws are different in income tax and accordingly capital gain/loss is calculated and then taxed.
Loss is disallowed as depreciation laws are different in income tax and accordingly capital gain/loss is calculated and then taxed.
06 October 2014
https://www.caclubindia.com/experts/interest-on-tds--1408024.asp#.VDJkfmeSxe8
refer the whole discussion and the conslusion is its disallowed.
refer the whole discussion and the conslusion is its disallowed.
07 October 2014
thanks ca parul saxena & Tusar Sampat, Please also tell the section of Income Tax Act under which loss on sale of fixed assets as per books is disallowed?
07 October 2014
Ms.Vandana i think you have read capital gain chapter.for computing gain or loss on transfer of assets different procedures are mentioned there.so how can you consider loss as per your books of accounts.also depreciation rules are different in income tax act.
07 October 2014
I Know that dep. rule are different in income tax and company law that is what i m asking in books we have recognized loss on sale of assets but that wont be allowed while computing tax liability and so under which sec that loss as per books would be disallowed in income tax act???
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