Income tax

HELLO FRIENDS, CAN ANYBODY TELL ME, CAN A PARTNERSHIP FIRM TAKES THE DEDUCTION OF INCOME TAX PAID IN P/L A/C.

IF NO WHETHER PROVISION IS ALLOWED.

PLS. HELP ME. 

THANKS.

Replies (4)

Dear Raj,

Only the expenses that are wholly & esclusively incurred for the purpose of the business is only allowed as an deduction while calculating the income from business.

Income-tax is not incurred for the purpose of business, hence it is disallowed if it is debited to P&L A/c.  Provision is also not allowed.

Agree with karandikar's.

Any type of direct taxes (Income Tax & Wealth Tax ) not allowed as expenditure .....reffer to section 40(ii) of the income tax act, 1961....

 

it is irrelevant whether assessee is a firm, individual or company or any body else......direct taxes not allowed for all assessees......

 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
12 October 2026
Finance

I-Genext Consulting Private Limited

New Delhi

CA

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details
Company
19 October 2026
Accountants/Articles (Freshers/Experienced)

ADY & CO.

New Delhi

Graduate (Any)

View Details
Company
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details
Company
ARTICLESHIP 01 October 2026
Articled Assistant

KPSN & Associates LLP

Chennai

CA Inter

View Details
Company
ARTICLESHIP 07 October 2026
Article assistant

S.K.Bajpai & Co.

Noida

B.Com

View Details
Company
19 October 2026
Accountant

Jari Saree Center

New Delhi

Others

View Details