Is income tax paid is allowable expense or not.
It is disallowed under section 40a or allowed under section 43b
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income tax
Replies (3)
It's not on Business expenses...
It's Individuals / Capitals Expenditure. So, It's not shown under Expenses head.
It's accounted in Capital A/c
Since Income Tax paid is a personal liablity hence it is not allowed as business expenditure... It can only be acccounted in the Capital Account...
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