Allowability of certain expenses
This query is : Resolved
RENUKA CHOURASIA
(Querist)
24 August 2012
VERY URGENT
1) Can I show Sales Tax Assessment expenses of an earlier as an expense in the year of making the payment???Will it be allowed in the eyes of Income Tax Act'1961 if the case pertains to a tax audit file ....
Replies should be supported with justifiable reasons...
2) Income tax on regular assessment is paid for an assessee subject to tax audit,will it be allowed to be shown as an expense or it has to be treated through capital account????
Replies with reasons please....
1) Can I show Sales Tax Assessment expenses of an earlier as an expense in the year of making the payment???Will it be allowed in the eyes of Income Tax Act'1961 if the case pertains to a tax audit file ....
Replies should be supported with justifiable reasons...
2) Income tax on regular assessment is paid for an assessee subject to tax audit,will it be allowed to be shown as an expense or it has to be treated through capital account????
Replies with reasons please....
Amol S Joglekar
(Expert)
24 August 2012
Income tax was/is/will never be allowed as allowable expense. Now sales tax assessment expenses.....The nature of expenses is very important. MATERIALITY would be another factor. Please feel free to list down the 'SALES TAX ASSESSMENT EXPENSES" for 'with reason kind of answer.
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