Income tax paid to be disallowed

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This discussion explores whether income tax paid in a previous financial year can be disallowed when calculating the current year's income. The general principle is that each financial year is treated separately, making it unlikely that expenses from a preceding year can be offset against the current year's income. Further clarification on the specific circumstances would be needed to provide a definitive answer.

PROFESSIONAL ADEPT

PROFESSIONAL ADEPT (Querist)
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20 May 2024 Whether income tax of the previous year paid to be disallowed while computing this year income?and which section

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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20 May 2024 Your query is not clear.... Please elaborate it more.
Because both years are different in themselves, how can you take compensation of preceding year in this PY?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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09 September 2024 Good Luck.

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