Rent of past years paid in previous year lumpsum
This query is : Resolved
09 April 2013
Sir/ Ma,am,
If we pay past years rent in lump sum in previous year than is this payment is allowable expenditure in calculating income for tax purposes.
Please give your advice.
Thanks
If we pay past years rent in lump sum in previous year than is this payment is allowable expenditure in calculating income for tax purposes.
Please give your advice.
Thanks
09 April 2013
Yes, it is allowable as expenditure. But at the time of scrutiny assessment the assessing officer may disallow this on the grounds of his satisfied regarding reasons to non-payment of rent in the concern year. But it will be depending on the person and his explanation who attending for scrutiny proceedings.
But at the time of computation of taxable income we can claim it as expenditure.
However as a tax auditor the auditor should be disclose this facts in his tax audit report as Priror period expenses(if the case is applicable for tax audit).
OM SAI SRI SAI JAI JAI SAI
But at the time of computation of taxable income we can claim it as expenditure.
However as a tax auditor the auditor should be disclose this facts in his tax audit report as Priror period expenses(if the case is applicable for tax audit).
OM SAI SRI SAI JAI JAI SAI
Message likes :
1 times
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
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- Confusion around Form 26QB fields
- Sale of property furniture sale
- Applicability of Ind As to associate of associate
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
