Admissable expenses or not..??
This query is : Resolved
Nandha Kumar Gorige
(Querist)
10 May 2016
we have been reversed the input tax credit on VAT .......and it is treated as an expenses in p& l account .....can it be admissible expenses under income tax ..???
10 May 2016
Yes, the same is allowable expense under Income Tax Act, 1961
KAVIRAJA ADDANGADI
(Expert)
10 May 2016
Input credit reversed or unclaimed input reversed can be treated as allowable expenses.
Rupesh Jain
(Expert)
12 May 2016
its exp. you can reverse on exp. in which you earlier make the entry.
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