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outstanding custom duty
if custom duty is outstanding then weather it will allow as expence or not
Replies (3)
As per section 43B,
Certain payments should allowed to be claimed as deduction as an expense only in the year in which they have been paid and not in the year in which such expense has been incurred.
Sec 43B covers Payment of Taxes( Any sum payable by the assessee by way of tax, cess or fee under any law).
Hence you are not allowed to claim as deduction the amount of custom duty.
yes taxes are allowed as deduction subject to their payment on or before due date of filing of return. so let's say you pay your outstanding custom duty after due date of return than it would be allowed as deduction in the year in which payment is made.it's just my opinion
thank you
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