27 September 2015
Dear experts, the provision of ST was made on 31/3/2015 but the assessee has not made the payment of this ST provision yet, his account is audited, plz let me know weather this provision will be disallowed and be add in the sale or not.
27 September 2015
Assessee has to make the payment before filing the return of income. If the assessee is NOT making the payment, ADD back the provision.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
28 September 2015
Dear sir what's your means by add back the provision. actually this provision is still shown in balance sheet....
28 September 2015
You are not giving any reference of DATE?
Assuming you are on 28/09/2015 and the status is 01. Return is NOT yet filed 02. Provision is made in books as on 31/03/2015 03. Service Tax is NOT yet paid as of today and the assessee is NOT going to pay it before filing of the return.
Now under such circumstances, the said povision shall be added back.
Please let me know if you have some other ASSUMPTIONS in your query and MIND.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
28 September 2015
sir. i have query is my mind that if this provision will be disallowed then the computation is not to be effected by it because this is the provision of taxation not the expenditure provision. plz let me know if it become disallowed then how it will effect in income tax and also tell me where it will be added back.......
28 September 2015
Under the circumstances stated as above by you, there is NO need to pass any entry in the books of account. Let the books be as it is. Let ST payable account show a credit balance.