Very IMP Questions / Doubts

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Anwar Shaikh (Querist)
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25 September 2009 Hello Experts,

1) Under which section Interest paid for late payment of TDS is disallowed

2) Under which section amount debited to profit and loss account relating to previous year is disallowed.

e.g. If in last year provision for telephone bill, electricity bill or any other expenses is not made and debited to current year P&L account, under which section this amount will be disallowed. (OR whether this amount will be disallowed or not ?)

3) Any excess or short provision of previous year, transferred to P&L a/c, whether disallowed or allowed in current year.

4) If an society want to claim deduction u/s 80P, but didn’t filed return of income since it’s incorporation (From last 12 years), But now the society has filed ITR for FY 2008-09, can he claim deduction u/s.80P for FY 2008-09.

In this case what is about ITR & section 80P for last 12 years. (Note there is tax audit applicable to society till date, i.e. turnover is not exceeded more than 40 lacs.)

5) can we debit to P&L account loss on account of Futures & option.

Please give me answer (s).

Rajeev

Rajeev (Expert)
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25 September 2009 a. interest on late payment of tds is disallowed cos its penal in nature as per the provisions of 37(1)

b . There is no section for this , the method of accounting if accrual , last years expenses cannot be debited in current year sec 145

c . if provision is made on a reasonable basis in last year, then the difference can be transferred to current years P&L , since its a provision , theres bound to be a difference .

d . Sorry i dont do society taxes

e . well by nature its a capital loss , so capital account should be debited , but its allowed to be setoff against business income ( sec 43(5) )

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