Firm ABC is running since April 2015. Firm has not paid monthly rent (due to insufficient funds ) to land lord as per rent agreement and not taken credit in its books.
Now while finalizing its books firm wants to show Rent payable on 31st March for entire year ie: 35,000*12=Rs. 420000/- to claim expenditure.
My query is that if firm takes the credit of Rent on 31.03.2016 1) is there ill be any questioning on it by Income Tax? 2) Whether firm is liable to deduct & deposit TDS accoridingly along with penal interest?