On taxation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 May 2012
if an assess pays income tax liability of previous year can he get tax deduction in subsequent year.
illustration: an assess is charged tax some amount XXX. If he pays by taking a loan from some other assessee, can he deduct that tax amount in his subsequent assessment year, will the refund possible.
illustration 2
some assess could not utilize his capital gains within two years when he pays tax on that count, can he deduct his tax payment in subsequent ROI the next subsequent year?
illustration: an assess is charged tax some amount XXX. If he pays by taking a loan from some other assessee, can he deduct that tax amount in his subsequent assessment year, will the refund possible.
illustration 2
some assess could not utilize his capital gains within two years when he pays tax on that count, can he deduct his tax payment in subsequent ROI the next subsequent year?
24 May 2012
Tax paid is NOT allowed as deduction in the subsequent year.
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