M Agrawal (Student) (127 Points)
07 June 2010Regarding Sec 43B:
I HAVE THE FOLLOWING EXCISE DUTY PAYABLE FOR THE FOLLOWING ASSESMENT YEARS:
2006-07: Rs. 15,00,000; 2007-08: Rs. 14,00,000; 2008-09: Rs. 17,00,000; 2009-10: Rs. 18,00,000; 2010-11: Rs. 20,00.000.
IF THE ABOVE IS PAID BY THE RETURN FILING DATE OF THE ASSESSMENT YEAR 2010-11(say, 20-08-2010), CAN ALL THE EXPENSES i.e. Rs. 84,00,000 is allowed in A.Y. 2010-11? If not, then in which assessment year?
Arun Kanunga
(Sirs)
(117 Points)
Replied 07 June 2010
yes all expenses are allowed in the year of actual payment [Sec. 43B]
CA Sandeep Thakur
(Managment Trainee)
(188 Points)
Replied 07 June 2010
In my opinion Arun has misunderstood the date of payments
The entire amount of ED payable is allowed in the AY 2011-12 ie PY 2010-11,Since 43B is allowing the expenese on payment basis only for those AY in the expense is incurred and not for the future years
Regrds
sandeep
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