Clause (a) of section 43b of income tax act
This query is : Resolved
RAJESH KUMAR AGARWAL
(Querist)
25 August 2011
In F/Y 2010-11 a newly imposed cess has been account for by debiting the P&L a/c and crediting the liability and same is disallowed in f/Y 2010-11 as not deposit till the due date of filling of ROI. But after filling of ROI for the F/Y 2010-11, the above said cess become not payable to us. In this situation if we reverse the liability in F/Y 2011-12 (which was created in F/Y 2010-11and disallowed in f/Y 2010-11), then whether, reversal of above said liability in F/Y 2011-12 will attract any tax.
CA. Anoop Gadia
(Expert)
25 August 2011
Section 43B. CERTAIN DEDUCTIONS TO BE ONLY ON ACTUAL PAYMENT.
Notwithstanding anything contained in any other provision of this Act, a deduction otherwise allowable under this Act in respect of -
(a) Any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time being in force,
Notwithstanding anything contained in any other provision of this Act, a deduction otherwise allowable under this Act in respect of -
(a) Any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time being in force,
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