Allowability of expenses
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 November 2011
advance tax written off , is it deductible expenditure? if yes then plz shre the case laws.what i think is that 40(a)(ii)is disallwance section for taxes paid on profits..what if for the a.y. no taxes were actually payable and income tax authorities did not give refund of such amount.
21 November 2011
it is not possible to claim as expense or loss because income tax act specifically stated so. refund from revenue is the only option..I am keeping this query as open status others are welcome.
16 July 2023
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