43b income tax act
Vaibhav (Article) (86 Points)
27 January 2022Vaibhav (Article) (86 Points)
27 January 2022
Sumit Bagra
(CA)
(74 Points)
Replied 27 January 2022
Whatever payment done till filing of tax audit report will be reported in clause 26.
Priya Sharma
(Account Manager)
(167 Points)
Replied 27 January 2022
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 27 January 2022
Section 43B of the Income Tax Act states that only certain payments can be claimed as an expense in the year which they have been paid and not in the year in which the liability to pay such sum was incurred. This means that certain statutory expenses are allowed to be claimed in the year of payment only.
Nidhi
(Chief Accountant)
(3150 Points)
Replied 28 January 2022