Provision for expenses
This query is : Resolved
preet prakash
(Querist)
04 March 2015
Hi All
We are following Mercantile Accounting system, we didn't make any provision for expenses for Audit& Prof. fees amt 1.14lcas in d F.Y.2013-14,bill date is in 14-15, paid in the 2014-15, tds not paid, will my expenes will be disallowed u/s 40(a)(ia) & as Prior Period expenses????????????
thnx
We are following Mercantile Accounting system, we didn't make any provision for expenses for Audit& Prof. fees amt 1.14lcas in d F.Y.2013-14,bill date is in 14-15, paid in the 2014-15, tds not paid, will my expenes will be disallowed u/s 40(a)(ia) & as Prior Period expenses????????????
thnx
Amol S Joglekar
(Expert)
04 March 2015
Yes. It will be disallowed in 2014-15, as the expenses relate to the year 2013-14.
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preet prakash
(Querist)
04 March 2015
what is solution of this???????
shall deduct tds on 1.14lacs with interest @1% or 1.5% in MArch 2015, though the expense are pertaining to F.Y. 2013-14 & 2012-13?????????????
thnx
shall deduct tds on 1.14lacs with interest @1% or 1.5% in MArch 2015, though the expense are pertaining to F.Y. 2013-14 & 2012-13?????????????
thnx
Amol S Joglekar
(Expert)
05 March 2015
Deduct tds at appropriate rate, pay interest accordingly.
In income tax computation, disallow the amount.
In income tax computation, disallow the amount.
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