Hi
Can someone give me examples of disallowable and allowable expenses for income tax purposes?
Where can I find that list?
Txs
10 Replies
sabyasachi mukherjee
(27579 Points)
Replied 08 August 2023
Sec 30 to Sec 40 of Inxome from business and Profession.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 08 August 2023
If Expenses without payment, Payments by cash , payment of statutory dues beyond due dates etc
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 08 August 2023
They are disallowances and depreciation+ capital expenditure are tax allowed expenses then.
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 08 August 2023
Please check the following link...
https://incometaxindia.gov.in/hindi/Documents/Students/Learning/Disallowance%20of%20Business%20Expenditure-theory.pdf
https://incometaxindia.gov.in/hindi/Documents/Students/Learning/Disallowance%20of%20Business%20Expenditure-theory.pdf
sabyasachi mukherjee
(27579 Points)
Replied 08 August 2023
The sections which I hv mentioned is an exhaustive one.
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 08 August 2023
@ Yasaswi,
Depreciation as per books ( Companies act ) will be disallowed in Tax computation and Depreciation as per Income Tax act is allowed
Depreciation as per books ( Companies act ) will be disallowed in Tax computation and Depreciation as per Income Tax act is allowed
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 08 August 2023
Nice to learn this bit to learn corporate taxation. And now the difference between these two is deferred liability.
sabyasachi mukherjee
(27579 Points)
Replied 09 August 2023
There are two ways you can learn from if you are interested
Eswar Reddy S
(CFO- at NHTF)
(58275 Points)
Replied 10 August 2023
Deferred Tax arises not only because of depreciation but also due to timing differences like few expenses are allowed only if tds payment is done on time , statutory dues allowed only in the year of payment,
adjustment of previous year disallowances on actual payment in the current FY etc
adjustment of previous year disallowances on actual payment in the current FY etc
Yasaswi Gomes new
(Finance )
(4514 Points)
Replied 10 August 2023
Assets ca >tax base or liabilities ca < tax base = deferred tax liability eg depreciatiin
Assets ca < tax base or Liabilities ca > tax base = deferred tax assets eg intragroup sales
Now I've learnt deferred tax liability arises due to non tds payments.
Hope income taxes standard is same for indas and as
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