luxury tax - Disallowance
This query is : Resolved
Saroja K Venkat
(Querist)
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.
Saroja K Venkat
(Querist)
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Employee secondment
- Ito add credit side of bank
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- GSTR9 Annual Return
- Capital gain on commercial property and investment in residential property
- LLP audit and disclosure
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Rent agreement of House of deceased person
- Gift to nri relatives resides in usa
- Accounting Treatment of Civil work to install PORTA Cabin for office use
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
