Disallowance U/s 43B
Querist : Anonymous
1.FBT Payable
2.Income tax payable
3.TDS Payable
4.Vat Payable(Following exclusive method)
Querist : Anonymous
Answers for the same are as follows:
1 & 2. FBT & Income tax is never allowed as a deduction for the purpose of computing total income whether debited to P & L or not. If not debited to P & L then there is no reason for it to be disallowed as no expenses have been claimed and if debited to P & L A/c then it will be added back to total income for the purpose of computing taxable income.
3. If TDS is payable and not paid before the due date of filing return then the expenses on which TDS is deducted but not paid will be disallowed and not TDS payable.
4. For VAT following exlcusive method there are both views as it is sometimes also treated as trading receipt and hence disallowed and sometimes as not debited to P & L A/c not disallowed u/s 43B. But in my view it should be disallowed.
In case of TDS not deposited within due date of filing return expenses are disallowed and not the amount of TDS payable.
Further these are not even passed through P/L so how can it be disallowed.
If income tax late deposited there is sec 234A & 234B to take care of it. Income Tax & FBT are tax liability and not expenses which we claim from total income.
Querist : Anonymous
Click here to login now
Similar Resolved Queries
- Reopen of assessment proceeding
- Depreciation of fixed assets- coop housing society in mumbai
- TDS on Consultancy- Non DTAA
- Management System (IMS)
- COMMERCIAL INVOICE FOR MATERIAL AND FREIGHT
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- EPF FULL & FINAL RULES IN 2026
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
