Suppose A PARTNERSHIP FIRM has paid A Gram panchayt tax of rs 25000/- in june 2011
For the Assessment year 2012-2013, CAN I CLAIM A DEDUCTION FOR THE SAME UNDER THE INCOME TAX ACT?
IF YES, THEN WHAT SECTION REFERENCE DO I NEED TO REFER TO?
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Gram panchayat tax
Replies (1)
First you have to see the provision of sec 37(1), which says that related expense incurred entirally for business purpose.
Here it has been paid for business premises... If yes then it will be covered under the head of rates and taxes.
And then sec. 43(B) will have to be gone through since it mondates the assessee to pay the expense in the year itself, in which the assessee wants to claim as an expense...
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