AS-19 effect on advance tax

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sachin saxena (Querist)

13 September 2008 we are following AS-19. so expenses incresed due to this will included in the calculation of asvance tax or not

CA Pawan Goswami

CA Pawan Goswami (Expert)

13 September 2008 In Income Tax Act there is no concept of Financing lease , only there is concept of Operating Lease which is similar to AS 19 in respect of Operating Lease. If you are following Operating Lease, there will be no addition or disallowance of expense. But if you are following Financial Lease, first of all the depreciation claimed in case of Finance Leased assets will be disallowed.

sachin saxena

sachin saxena (Querist)

14 September 2008 we are following operating lease.
eg. 100000+200000+300000/3=2 lakhs per annum exp
should be booked as per as-19 so 200000 so what included in advance tax calculation 1 lakh or 2 lakh

sachin saxena

sachin saxena (Querist)

14 September 2008 solve...........

CA Pawan Goswami

CA Pawan Goswami (Expert)

18 September 2008 Hi,

What do you mean by 100000+200000+300000/2 ?

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