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Income Tax allowability

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Querist : Anonymous

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Querist : Anonymous (Querist)
21 February 2011 Is payment of income Tax is allowable expenditure from business income (debited to P&L) or is disallowed (transfer ti capital a/c).....?
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CA Sanket M Shah

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CA Sanket M Shah (Expert)
21 February 2011 Payment of income tax is disallowable expenditure
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 February 2011 If debited in the profit and loss account, will be disallowed under section 40 (a)(ii) of the IT Act,1961.
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CA Punit

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CA Punit (Expert)
21 February 2011 agree with both experts...

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