Business & profession
This query is : Open
minal joshi
(Querist)
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
(Expert)
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.
.
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
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Due date for filing return for the partner in partnership subjected to Tax Audit
- Visiting card purchase
- GST on reimbursement of expenses
- Query on effect of registration of property
- Whether output tax is taken credit by purchaser
- Goodwill transfer of deceased father’s firm – ICAI applying a 27.04.2026 cut-off to the 3 year limit
- Number of years as per AS amortisation of Goodwill
- Wrong CMPo8 file
- Equity Share Sale and Purchase
- Additional trade name
- Classification of income of P Ltd company as business or profession
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
