sec 43B PAYMENTS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 September 2010
As per Sec 43B of the IT Act,1961 any expenditure can be allowed only on actual payment....in our company we are having all tax aspects and we will be paing the taxes pertaining to previous years since 2004-05 or even earlier...for the F.Y 2009-10, company filed ROI and claimed a return of Rs.8 crores..now the query is, the payments pertaining to the P.Y 2004-05 and all , can we claim in the next A.Y so that it can be a phase of tax planning avoiding the huge tax refunds and can reduced the tax burden in the up coming years?????? can we proceed further or will there be any infringement of Act...Pls give the answer in this regard....
CA Suraj Lakhotia
(Expert)
26 September 2010
The payments made in respect of the items mentioned in section 43B is allowed on payment basis only.
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