24 September 2007
Time Limit for payment : Payment shall be made either during the relevant previous year or on or before the due date of filing of return u/s 139(1).
Where the payment is made subsequent to the due date of filing return, shall be allowed only in the year of payment.
It should be adjusted only in Profit & Loss Adjusted account (Memo) not in Profit and loss account.
24 September 2007
If in a situation where we collect and remit VAT whether the VAT payable as on March is to be disallowed if not paid on or before the due date of filing return
26 September 2007
it shld be paid before furnishing of return or due date of filing return u/s 139(1) whichever is earlier.... if it is not paid within the time then it is allowed in the year in which it is actually paid.... No adjustment is reqd in p/l ACCOUNT but the enterprise has to provide for deferred tax asset for the amt of extra tax paid....Following entry need to be passed Deferred tax asset a/c dr To P/L A/c Regards Komal
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