A P.ltd co. has failed to deposit its sales tax & service tax liability.
Sales - Rs.8 lacs , 2 lacs being accounted as Sales/Service tax.
Whether 2 lacs be disallowed under Sec.43B if not paid within its due date of filing Income Tax Return.
Jyothis (Article) (1127 Points)
09 October 2016A P.ltd co. has failed to deposit its sales tax & service tax liability.
Sales - Rs.8 lacs , 2 lacs being accounted as Sales/Service tax.
Whether 2 lacs be disallowed under Sec.43B if not paid within its due date of filing Income Tax Return.
CA Gyati Gupta
(In Practice)
(8227 Points)
Replied 11 October 2016
Yes it will be disallowed U/s 43B as the same is mandatory to pay before due date of filing return
However, it will be allowed in the year of payment.
Jyothis
(Article)
(1127 Points)
Replied 13 October 2016
What is the logic behind disallowing Liabilities under section 43B.
CA Gyati Gupta
(In Practice)
(8227 Points)
Replied 13 October 2016
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