Income tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 March 2014
If banking Organization or any organisation paid income tax they gives that effect in Income & Expenditure Account But the payment of income tax is disallowed under Income Tax Act.Why this should not be a allowable Expenditure?
19 March 2014
Section 40(ii) of the Income Tax Act provides that NO deduction shall be allowed for Income Tax.
19 March 2014
because income tax is charge on ur income and is not exp and hence not allowed to be deucted u/s 40(ii)
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