CST paid extra @ 1 % allowed for deduction as per Income Tax
This query is : Resolved
Sandeep Gupta
(Querist)
01 May 2008
Dealer is registered for past years under Delhi VAT Act and got registration for CST Act in June 2007.
Dealer purchased good from Haryana CST charged @3 % in the bil provided C form has been issued by dealer to creditor with in stipulated time.Dealer not able to do so. Now creditor charged CST extra @ 1% i.e. 3 % paid earlier now 1 % in addition .
This 1% CST paid allowed as deduction U/s 28 to 43D to the dealer while calculating PGBP for AY 2008-09.If allowed under which section and if not then why??
Dealer purchased good from Haryana CST charged @3 % in the bil provided C form has been issued by dealer to creditor with in stipulated time.Dealer not able to do so. Now creditor charged CST extra @ 1% i.e. 3 % paid earlier now 1 % in addition .
This 1% CST paid allowed as deduction U/s 28 to 43D to the dealer while calculating PGBP for AY 2008-09.If allowed under which section and if not then why??
CA Hemant T Dewani
(Expert)
01 May 2008
it is allowed in income tax act all taxes except income tax fbt tax mat i e all indirect tax which are paid are allowable in income tax act u/s 37(1) this amount pay in time before filling of income tax return u/s 139(1)
Sandeep Gupta
(Querist)
02 May 2008
Thanx Sir .Pls clarify me that non issuance of C forms by dealer to creditor is voilation of law.Even then it is allowed as deduction u/s 37(1) if amt paid before filing return u/s 139(1).Pls reply.
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