Time limit to pay to Unpaid Creditors under income tax act
This query is : Resolved
21 October 2021
Respected sir,
Actually I had shown sundry creditors of Rs 1000000/- in F Y 18-19. But still I have not paid them.
Is any time limit to pay to unpaid creditors under income tax ?
If i will not pay to them to some more years , what will the effect ?
Is any rule to add such unpaid creditors amount to income ?
Please give your valuable response
Actually I had shown sundry creditors of Rs 1000000/- in F Y 18-19. But still I have not paid them.
Is any time limit to pay to unpaid creditors under income tax ?
If i will not pay to them to some more years , what will the effect ?
Is any rule to add such unpaid creditors amount to income ?
Please give your valuable response
22 October 2021
1.As such no.
2. Will continue to reflect in Balance Sheet, until you add back it to P&L acc.
3. ITO may impose sec. 41(1) of it act, and add the amount to income.
2. Will continue to reflect in Balance Sheet, until you add back it to P&L acc.
3. ITO may impose sec. 41(1) of it act, and add the amount to income.
22 October 2021
Thanks sir
but any time limit u/s 41(1) to add the same amt in income ?
but any time limit u/s 41(1) to add the same amt in income ?
22 October 2021
Usually during scrutiny, if reason for the non-payment not satisfactorily replied.
No specific time limit in the act, but roughly after 7/8 years...
No specific time limit in the act, but roughly after 7/8 years...
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