43b
This query is : Resolved
RISHABH JAIN
(Querist)
13 September 2014
under section 43 b expenses are allowed only on payment before due date
In case of vat payable is not paid before due date it is disallowed.
we do not claim vat as expense because it is recovered from buyer so y there is question of disallowance
entry is passed
debtor Dr
to sale
to vat payable
please explain.
13 September 2014
Even though you not claim as the expenditure dis allowance attracted because you can not enjoy with other monies .
It means you acting as agent on behalf of government , you cannot enjoy with the government money . So dis allowance attracted u/s 43B and also refer 2(24) i.e., which included as income under the definition of I T ACt.
It means you acting as agent on behalf of government , you cannot enjoy with the government money . So dis allowance attracted u/s 43B and also refer 2(24) i.e., which included as income under the definition of I T ACt.
14 September 2014
If vat is not claimed as an expense ( ie., not routed through the p & l a/c ), question of disallownce u/s 43B will not sustain.
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