Income Tax Expenses
This query is : Resolved
CA Saurabh
(Querist)
22 August 2010
Is Income Tax Expenses after Assesement order passed is Allowed or Not???
Please Justify???With the Relevent Section of The Income Tax.
For The Purpose Of Ref The Model Entry Is passed.....
Provision for Tax A/C Dr 100
Income Tax Expenses A/c Dr 20
To Advance Tax 90
To TDS 30\
In Above Situation Rs 20 pertaining to Income Tax Expenses Will be allowed as Deduction or those will not be allowed??
Please Justify???With the Relevent Section of The Income Tax.
For The Purpose Of Ref The Model Entry Is passed.....
Provision for Tax A/C Dr 100
Income Tax Expenses A/c Dr 20
To Advance Tax 90
To TDS 30\
In Above Situation Rs 20 pertaining to Income Tax Expenses Will be allowed as Deduction or those will not be allowed??
22 August 2010
income tax exp will be recognized. Income tax is never allowed as expense whether recognized in current year or after assessment.
23 August 2010
Income tax expenses will be recognized in books , but it is add back at the time of computation of tax . i.e it is disallowed.
Dhirajlal Rambhia
(Expert)
03 October 2021
Income tax paid in advance or self assessment or after assessment; is not a deductible expense....
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