Income tax

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vinodkumar dalpatbhai patel (Querist)
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28 September 2012 Dear Sir,

The Land revenue expenses for previus finanacial yaer but paid in current financial year,is it allowable as expenses in current finanacial year as per income tax act?
Thanks
Vinod

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Guest (Expert)

28 September 2012 Such expenses should be provided in the previous year itself.

Prashanth

Prashanth (Expert)
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28 September 2012 Hello

Under Sec-37 expenditure relating to P.Y. cannot be claimed in the Current F.Y.

However if your following Cash System you can claim such expenditure based on payment basis.