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Rent of past years paid in previous year lumpsum

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(Querist)
09 April 2013 Sir/ Ma,am,

If we pay past years rent in lump sum in previous year than is this payment is allowable expenditure in calculating income for tax purposes.
Please give your advice.

Thanks
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Dintakurthi Tirumala

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Dintakurthi Tirumala (Expert)
09 April 2013 Yes, it is allowable as expenditure. But at the time of scrutiny assessment the assessing officer may disallow this on the grounds of his satisfied regarding reasons to non-payment of rent in the concern year. But it will be depending on the person and his explanation who attending for scrutiny proceedings.
But at the time of computation of taxable income we can claim it as expenditure.

However as a tax auditor the auditor should be disclose this facts in his tax audit report as Priror period expenses(if the case is applicable for tax audit).

OM SAI SRI SAI JAI JAI SAI
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