Section 41_urgent
This query is : Resolved
14 May 2014
Dear Sir/Madam,
There is a cessation of liability after the Balance sheet date(31/3/2013) but before signing the auditor report.Will this cessation will be charged to tax under the AY 14-15 or in AY 15-16 though the section says the year in which the liability ceased.
There is a cessation of liability after the Balance sheet date(31/3/2013) but before signing the auditor report.Will this cessation will be charged to tax under the AY 14-15 or in AY 15-16 though the section says the year in which the liability ceased.
15 May 2014
for tax purposes, books of accounts are not the final evidence of cessation of liability. So even if the auditor accounts for the same on 31 March whereas the actual cessation happened after that date, for income tax purposes, it should be taxed in next year.
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