Regarding Sec 43B:
I HAVE THE FOLLOWING EXCISE DUTY PAYABLE FOR THE FOLLOWING ASSESMENT YEARS:
2006-07: Rs. 15,00,000; 2007-08: Rs. 14,00,000; 2008-09: Rs. 17,00,000; 2009-10: Rs. 18,00,000; 2010-11: Rs. 20,00.000.
IF THE ABOVE IS PAID BY THE RETURN FILING DATE OF THE ASSESSMENT YEAR 2010-11(say, 20-08-2010), CAN ALL THE EXPENSES i.e. Rs. 84,00,000 is allowed in A.Y. 2010-11? If not, then in which assessment year?
yes all expenses are allowed in the year of actual payment [Sec. 43B]
In my opinion Arun has misunderstood the date of payments
The entire amount of ED payable is allowed in the AY 2011-12 ie PY 2010-11,Since 43B is allowing the expenese on payment basis only for those AY in the expense is incurred and not for the future years
Regrds
sandeep
R P S K & Associates
Nashik
CA Inter
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