i filed I.T. Return u/s 44AD in ITR-4 having a Total T/O of 89lakh(Bank Receipt) and i shown profit of Rs.5.5lakh(ie, 6% of 89lakh) but on 31st March 17 Service tax payable of Rs.7lakh out of which 2 lakhs paid before due date of filing of return and bal paid after due date ......
my query is ST amount of Rs.5lakh paid after due date will disallowed u/s 43B or not
on what amount i should pay tax
pls...guide me
Dear Prakash,
U should create payable for next year with unpaid ST. Whatever balance u can make an amount equal to payable which is service tax paid and should be nil in balancesheet of current year.
And Check again that under Sec 44AD 8% should be declared else tax audit should be applicable.
CAclubindia
