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Admissable expenses or not..??

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(Querist)
10 May 2016 we have been reversed the input tax credit on VAT .......and it is treated as an expenses in p& l account .....can it be admissible expenses under income tax ..???
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CA Pracheta Shirish Deshmukh

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CA Pracheta Shirish Deshmukh (Expert)
10 May 2016 Yes, the same is allowable expense under Income Tax Act, 1961
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KAVIRAJA ADDANGADI

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KAVIRAJA ADDANGADI (Expert)
10 May 2016 Input credit reversed or unclaimed input reversed can be treated as allowable expenses.



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Rupesh Jain

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Rupesh Jain (Expert)
12 May 2016 its exp. you can reverse on exp. in which you earlier make the entry.

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