What is the consequences, without collecting TCS from the purchaser, the amount has been paid out of their own pocket?
Somaas Kandan (CA Final) (385 Points)
30 June 2011What is the consequences, without collecting TCS from the purchaser, the amount has been paid out of their own pocket?
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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