DISALLOW UNDER 43B
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 March 2011
IF ASSESSEE NOT PAID VAT/ SERVICE TAX PAYABLE AS ON 31ST MARCH, BEFORE DUE DATE OF FILING OF I.T. RETURN WHETHER IT WOULD BE DISALLOWED.
CA PARAS BAFNA
(Expert)
08 March 2011
Yes. In case Vat and Service Tax Payable as on 31.3.2010 has not been paid till the due date of return filing , the same will be disallowed.
If you pay after the due date it will be allowed in the assessement year relevant to payment date.
If you pay after the due date it will be allowed in the assessement year relevant to payment date.
09 March 2011
If VAT and service tax is not routed through profit and loss account, question of disallowance u/s 43B does not arise.
CA PARAS BAFNA
(Expert)
09 March 2011
I respectfully not completely agree with the expert, Shri B.C. Warrier.
When we follow exclusive method of Accounting then also in such case, Section 145A can be invoked and accordingly Unpaid Vat, payable on the purchases which are forming part of the closing stock, can be disallowed.
Hence, strictly it can't be said for VAT that, it can not be disallowed in cases where it has been not routed through P&L A/c.
When we follow exclusive method of Accounting then also in such case, Section 145A can be invoked and accordingly Unpaid Vat, payable on the purchases which are forming part of the closing stock, can be disallowed.
Hence, strictly it can't be said for VAT that, it can not be disallowed in cases where it has been not routed through P&L A/c.
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