Deductionn of exp
This query is : Open
24 May 2012
Expenditure of a financial year accounted for in next financial year would be allowed for deduction in income tax in next financial year or not ?
Case.
Bill date 12 march 12
material received = 12 march 12
accounted for 4 april 12
would it be allowed in FY 12-13 ?
Case.
Bill date 12 march 12
material received = 12 march 12
accounted for 4 april 12
would it be allowed in FY 12-13 ?
24 May 2012
Strictly as per income tax law , deduction is allowed in the year in which expenses is incurred.
25 May 2012
If you can prove that the material though received could not be used due to some reason beyond your control, then, the expenditure is deductible. Morover, material is deductible on consumption basis not on the basis of purchase.
25 May 2012
If you can prove that the material though received could not be used due to some reason beyond your control, then, the expenditure is deductible. Morover, material is deductible on consumption basis not on the basis of purchase.
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