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

CA PARAS BAFNA (Expert)
Follow

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.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

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

CA PARAS BAFNA (Expert)
Follow

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.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Santosh Behera

KANHA ASSOCIATES

Smrity

Rajasekar

Rajesh

Subscribe Now

DISALLOW UNDER 43B

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

Manager- Finance and Compliance

GST CONSULTANT

CA Final

GST CONSULTANCY

Senior Executive