Allowability of certain expenses

This query is : Resolved

RENUKA CHOURASIA (Querist)
Follow

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....

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

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.

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

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

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

Akhila Ajayan

siddhesh satardekar

shreesh acharya

Amit Singh

Pushkar Nagda

Subscribe Now

Allowability of certain expenses

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA