18 September 2014
AS PER SECTION 43B Notwithstanding anything contained in any other provision of this Act*, a deduction Sudame otherwise allowable under this Act in respect of—
a) any sum payable by the assessee by way of tax, duty, cess or fee, (by whatever name called, under any law for the time being in force);
My query is that whether "electricity expense" payable on balance sheet date but paid before filling income tax return is coverd under section 43B(a)and also shown in tax audit report.
18 September 2014
Dear, Section 43B : Certain expenses is deductible on payment basis : 1. Duty, tax cess or fee related to government or any other statutory due
exception : payment in respect of aforesaid expenses is actually made on or before the due date of submission of return of income"
and Electricity expenses and provision of these type expenses is not comes under the provision of section 43B
Please tell me one thing more,according to aforesaid section any fees related to government.so, electricity expense is also relates to government fees so why its not cover under provision of section 43b
CAclubindia
