whether provision for excise duty on finished good laying in closing stock shall be allowed as deduction under the income tax act
Menu
Others
Replies (2)
Hi I am of the opinion that Yes , excise duty will be included in computation of inventory as per section 145A of income tax act ,1961, reason being as per section 3 of excise act taxable event is manufacture and for the adminstrative convenience it is bieng calculated at the time of removal so it is definitely the cost incurred to bring the inventory to present location and condition and same is also bieing opined in guidance note on excise treatment and also the same treatment is to be done in accounting too .
AGREE WITH CA SHASHANK
Recent Topics :
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
- Residential status for overseas students visitin
- Capital Gains Tax
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
- Clarification on September 2026 PF Calculation for
- DRC-03 interest paid under CGST/SGST instead of IG
Related Topics :
CAclubindia
