Income tax
This query is : Resolved
Mitesh Shah
(Querist)
03 October 2017
If in the Current F.Y 2016-17 the firm paid VAT along with the Interest and Penalty for the period F.Y. 2008-09.
So whether it is considered as a Prior period items?
And if Yes, What is the tax implications on remuneration given to Partners?. Whether all exps. related to VAT is added to the profit or only penalties will be added ?
So whether it is considered as a Prior period items?
And if Yes, What is the tax implications on remuneration given to Partners?. Whether all exps. related to VAT is added to the profit or only penalties will be added ?
Amol S Joglekar
(Expert)
03 October 2017
it is, of course, prior period item......but under income tax, the same can be allowed on cash basis as contemplated under section 43B
Mitesh Shah
(Querist)
03 October 2017
It means it is not added on Profit for calculation of Remuneration to partners...right?
Amol S Joglekar
(Expert)
03 October 2017
yes, you may do so......
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