Dear Sir/Madam
income tax paid during the year pertaining to previous financial year is not an expenses in the current year, my query is it includes even the 26 as credit which has to be subtracted as disallowed expense, please guide.
Bhojaraj
9538659284
you are showing your income as Gross in your income statement and the TDS us shown as an asset in the BS, so there's no question of disallowance.
the tax provision that is made at year end and the income tax that is paid subsequently due to short provision us to be debited to income and this will be disallowed while computing tax liability
CAclubindia
