Sec-43b
This query is : Resolved
CA ANANT KUMAR
(Querist)
16 September 2011
As per sec-43B of Income Tax Act,certain deductions are allowed on actual payment basis.Its first point states that:
"Any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time being in force"
I want to know that which "taxes" are covered in this point?Will it cover Service tax,Sales Tax and VAT etc.Please clarify
"Any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time being in force"
I want to know that which "taxes" are covered in this point?Will it cover Service tax,Sales Tax and VAT etc.Please clarify
CA Navin Jain
(Expert)
16 September 2011
Yes, section 43B is covered to Service tax,Sales Tax and VAT etc.
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