Business & profession

This query is : Open

minal joshi (Querist)
Follow

04 August 2011 When we make a provision for employee benefit of Rs.20.00 Lacs in balance sheet but before filing income tax return actual figure comes out to be Rs. 24.00 lacs. then what amount we should take as deduction from our profit. and how we take effect of it in our books of account

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

11 August 2011 The provisions are in respect of accrued liabilities. Accrued Deductible Expenses can be claimed in the Return pertaining to the previous year, whether provided in the books or not , as the same will not be allowed in the subsequent year on the concept of accrual.
.
In the next year extra provision of Rs 4.00 lac has to be made by debiting the P&L A/c of the next year only.
.
However, the expenditure claimed once, should not be claimed twice.

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

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

Mahesh Balanthimugaru

VIJAY M DHANAK

CA Uzma Khan

Suvigya Tiwari

Sunder Sadani

Subscribe Now

Business & profession

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANCY

Senior Executive

GST CONSULTANT

Manager- Finance and Compliance

CA Final