Deduction of payment made for sales tax for earlier year
This query is : Resolved
19 October 2015
DUE TO SURVEY OF SALES TAX DEPARTMENT IN F.Y 2010-2011 SALES TAX PAYABLE YEAR WISE DETERMINED IN F.Y 2014-15. FOR F.Y 2008-09/2009-10/ & 2010-11. PROVISION FOR SALES TAX WAS NOT MADE IN EARLIER YEARS NOW AMOUNT FOR EARLIER YEAR IS PAID DURING F.Y 2014-15. CAN THE ENTIRE AMOUNT OF SALES TAX PAID BE CLAIMED AS EXPENSES AND DEBITED TO P&L A/C DURING A.Y 2015-2016.
20 October 2015
Yes, the entire amount is deductible in FY 2014-15. In any case Under Section 43B, sales tax is deductible only when it is actually paid.
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