prior period expenses
This query is : Resolved
28 June 2011
dear sir,
i want to know whether sales tax or service tax paid on assessment of earlier year is allowable expenditure under the head PGBP or it shall be treated as prior period item and disallowed.
i want to know whether sales tax or service tax paid on assessment of earlier year is allowable expenditure under the head PGBP or it shall be treated as prior period item and disallowed.
30 June 2011
Service Tax and Sales Tax are allowed on payment basis (Section 43B).
Thus, such taxes paid on assessment, although relating to past years, are allowable as business expenditure in the year in which they are actually paid.
Thus, such taxes paid on assessment, although relating to past years, are allowable as business expenditure in the year in which they are actually paid.
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
Similar Resolved Queries
Unanswered Queries
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- ITDS U/S.194T of Firm
- NRI starting business in India
- ADVANCE PAYMENT OF ADVOCATE
- GST not cancelled by tenant
- Invertaded duty struture
- Non-Compliance documents have not been submitted by the contractors debited
- Eway bill not cancelled within 24 hous what can be due
- EXPORT COMMERCIAL INVOICE HSN CODE
- REGARDING ANNUAL RETURNS FILLINGS OF A COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- CREDIT NOTES WITHOUT GST
- Taxable or Tax exempt
- 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
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
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
