Exp. claimed in previous year, but written back next fy.
Querist : Anonymous
Any one can explain me about below query.Suppose,
We have Claimed - say Telephone expenses of Rs. 50000/-in P&Loss A/c as deduction under income tax in previous year 2011-12.Now Next year say previous year 2012-13, we written back- Telephone exp say Rs. 3000/- (out of Rs. 50000/-,which claimed as deduction in previous year 2011-12 ) and shown as income - misc. income in Profit & Loss A/c.
Will this amount of Rs. 3000/- Misc. Income will be disallowed ,while making computation of Income for the previous year 2012-13.Explain under which section -41(1) ???
Please urgent reply.
Regards
Anil Jain
9312640067
akj9312640067@gmail.com
Guest
And the same is business Income.
Querist : Anonymous
Thanks for your quick reply.
I want to know that when we have shown income in Profit & Loss A/c , would it be add back while making computation of Taxable income for the previous year 2012-13.
Please reply.
Regards
Anil Jain
9312640067
Guest
only then it will be shown in the Profit and Loss account.
And yes it will be a taxable income.
In your case it is recovered in 12-13, hence it will be income of 12-13.
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