Sec 40a tax audit
This query is : Resolved
04 August 2010
Can u pls help
Wat is inadmissble
Actual Payment of tax for the F.Y.
or
Provision for tax for the F.Y.
Wat is inadmissble
Actual Payment of tax for the F.Y.
or
Provision for tax for the F.Y.
04 August 2010
Provision for tax is estimated at an amount which the assessee is liable to pay on its annual income.
Actual tax paid may be more/ less than provision.
The amount debited to p&l, being the provision becomes inadmissible.
Actual tax paid may be more/ less than provision.
The amount debited to p&l, being the provision becomes inadmissible.
04 August 2010
Whatever amount debited to the Profit & loss a/c is disallowable. It does not depend upon the amount of actual payment of tax.
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04 August 2010
Agreed with Mr Aditya. Tax amount is not an admissible amount whether actual or provision.
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