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Deduction under pgbp

Tax queries 518 views 3 replies

Mr A purchases Material X for Rs. 100000 (Credit purchase) on 01.11.2013 from Mr. DEEP.

Case 1  Mr A pays 18000 in cash on 5/12/2013 and 40000 by a/c payee cheque on 5/12/2013 .Rest of the payment is made on on 5/5/2014 through a/c payee dd.

What shall be amount of deduction in computing  profits and gains

 

Case 2  Mr A pays 18000 in A/C payee dd on 5/12/2013 and 40000 by a/c payee cheque on 5/1/2014 .A cash payment of Rs 21000 is made on 5/4/2014 and Rest of the payment is made on on 5/5/2014 through a/c payee dd.

What shall be amount of deduction in computing  profits and gains

Replies (3)
Case 1 : Deduction 100000 Case 2 : Deduction of 79000 and disallowance of 21000
Case 2: 100000 deduction allowed but next year 21000 disallowed
venkateswara rao koppula
i think u have given wrong answer

 


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