43b

This query is : Resolved

RISHABH JAIN (Querist)
Follow

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.

CA VISHWAKEERTHI.P.S.

CA VISHWAKEERTHI.P.S. (Expert)
Follow

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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

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.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

cgagroshg cgagroshg

venkanna setty

Jayaram Bramhajosyula

NITHIN GEORGE

DHRUV PATEL

Subscribe Now

43b

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Article Assistant

GST CONSULTANT

CA Final

GST CONSULTANCY