whether gst exclusive method in books of accounts is covered in 43 B
2 Replies
debora M
(BUSINESS DEVELOPMENT MANAGER)
(1697 Points)
Replied 01 February 2022
This includes GST, customs duty or any other taxes paid. Interest paid on these taxes are also eligible for deduction. Employer contribution - Any contribution made by the employer towards benefit of their employees and comes under the category of a provident fund, gratuity or superannuation fund.
Section 43B largely includes a list of expenses that can only be claimed as a deduction if they are paid in full. TDS is a tax deducted on the deductee's behalf and deposited in the government's treasury, not an expense. As a result, TDS is not covered by section 43B and hence cannot be claimed as a deduction.
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