What is the consequences, without collecting TCS from the purchaser, the amount has been paid out of their own pocket?
3 Replies
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 30 June 2011
statuary liabilities has to be meet in all circumstances, if the businessman paid it from own pocket, then it would go to his drawings.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 30 June 2011
i feel it would not get allowed as expenditure and would get added back for tax computation.
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