16 September 2011
As per sec-43B of Income Tax Act,certain deductions are allowed on actual payment basis.Its first point states that: "Any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time being in force"
I want to know that which "taxes" are covered in this point?Will it cover Service tax,Sales Tax and VAT etc.Please clarify
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