Income tax payments through bod a/c
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 June 2013
A firm has made the advance tax payments of partners on their behalf out of Bank overdraft account ,whether it is allowable under income tax act.....
CA. RAGHAV GARG
(Expert)
25 June 2013
common, income tax paid is never allowed as expenditure under income tax act,moreover its tax of partners..
you just need to decrease the capital of partners by respective amount.
CA. Raghav Garg
you just need to decrease the capital of partners by respective amount.
CA. Raghav Garg
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