luxury tax - Disallowance
This query is : Resolved
22 June 2008
Whether luxury tax which was short collected from the customers and paid by the company based on an assessement order and charged to P&L A/c - disallowed
Whether such tax comes under the ambit of provisons of Sec 40 a
Whether such tax comes under the ambit of provisons of Sec 40 a
22 June 2008
if it is not of penal nature,then it is allowable but subject to sec 43B.
if it is paid as penalty,then not allowable.
if it is paid as penalty,then not allowable.
22 June 2008
The luxury tax is paid during 2007-08 towrads asst., order for short payment during 2005-06 which could not be collected from the customers
So., it does not satisfy 43B - So., can it be said that - it is disallowed
So., it does not satisfy 43B - So., can it be said that - it is disallowed
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