Expenditure written back next year
This query is : Resolved
17 December 2011
Sir/Madam
In one of the cases the company taken service tax paid on transportation as an expenditure during the last year. But during next year the company decided to take cenvat credit of above and hence credited to prior period item.
I would like to ask whether this will be added to income in the current year ?
What else ?
Kindly let me know your valuable opinions.
Thanking you
In one of the cases the company taken service tax paid on transportation as an expenditure during the last year. But during next year the company decided to take cenvat credit of above and hence credited to prior period item.
I would like to ask whether this will be added to income in the current year ?
What else ?
Kindly let me know your valuable opinions.
Thanking you
18 December 2011
It is taxable u/s 41 i.e. deemed income
Message likes :
1 times
19 December 2011
Is there any possible way to get away with it...
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG Tax On residential property
- Post Office RD Interest
- Applicable TDS for Purchase of Flat from NRI
- Eway bill for machinery reparing
- Claiming exemption of perquisite for employee-owned car under New Tax Regime in ITR-2
- Under construction property in ITR
- Gift of mutual fund units to daughter
- Not able to file ITR
- Upload Level ValidationITR3Category of Defect B/D
- Reporting of STCG on Property in ITR
- ITR-4 vs ITR 5
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
