Add back of government liability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 October 2012
Once we are audit our books under u/s 44 AB,
Some government liability unpaid upto return filling due date. This amount are add back in our Income and we are paid this tax with IT return and filed.
My Quarry is
The add back amount of unpaid government tax, whether I included in my capital.
Please anybody give your valuable suggestion.
Some government liability unpaid upto return filling due date. This amount are add back in our Income and we are paid this tax with IT return and filed.
My Quarry is
The add back amount of unpaid government tax, whether I included in my capital.
Please anybody give your valuable suggestion.
27 October 2012
In your accounts the liability is shown in the name of the Government if it is not payable then yes you have paid the tax and it can be transferred to your capital account and at the time of actual payment against you have pay it by debiting your capital account. In case it is actually payable, you will get the rebate at the time of payment and your income will be reduced to this extant. So do not transfer it to your capital account.
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