Income tax paid during the year is not allowable u/s 40(a).Whether “provision for income tax” debited to profit & loss a/c is allowable expense under the Income Tax Act.
Vijay Kumar
(article)
(402 Points)
Replied 30 September 2010
No provision for income tax is not allowed as expense as per Income Tax Act
madhur gupta
(student/article )
(1022 Points)
Replied 30 September 2010
All provisions are disallowed under income tax
CA Punit GoSwaMi
(Chartered Accountant)
(310 Points)
Replied 30 September 2010
No naina not allowed...
Amit Singh
(Chartered Accountant)
(270 Points)
Replied 01 October 2010
Not Allowed even calculating profit u/s. 115JB MAT
Rupesh Maheshwari
(ACA, Dip. IFR (ACCA))
(6166 Points)
Replied 01 October 2010
not allowed........if debited 2 pl ...........it shud b added back in computatn
Vijay Kumar
(article)
(402 Points)
Replied 01 October 2010
Proviosion for tax is not allowed as an expense
In fact any kind of provision is not allowed
Parth - CA,CS,CMA
(Learner)
(406 Points)
Replied 01 October 2010
Originally posted by : Vijay Kumar | ||
Proviosion for tax is not allowed as an expense In fact any kind of provision is not allowed |
Not exactly so. Will u disallow the bad debt provision??
NAVNEET DHIMAN
(c.a final)
(45 Points)
Replied 01 October 2010
here every body is saying not allow, not allow but no one is wrote why......
Parth - CA,CS,CMA
(Learner)
(406 Points)
Replied 01 October 2010
If u mean "personAl", then i'll prefer to defer..
I dnt think it is disallowed because it is personal.. Other two argument are fine but what will u do in case of a company or a firm, there u cant say it is a personal expenditure.
CA Aamir
(CA)
(55 Points)
Replied 01 October 2010
not allowed..
u think ursef
wen actual expenditure is disallowed
how a provision for the same can be allowed....
Parth - CA,CS,CMA
(Learner)
(406 Points)
Replied 01 October 2010
@ Above chap..
U didnt get me bro.. I didnt say it is allowed.. I said it is not disallowed as it is personal expenditure..
It is disallowed tht is true but not being a personal exp.
Prachi Jindal
(CA-Article-Final-Student)
(129 Points)
Replied 04 October 2010
if income tax is not allowed then provision ka toh question hi nahio raise hota...!! not allowed.