While computing the provision for Income Tax in Statement of Profit and loss, do we have to consider any business expenses disallowed by the Income Tax department in earlier assessment years.?
for example Income tax department disallows an expense Under section 40(a) (iib) of the IT Act every year. So if we compute the provision for tax for the current year, do we have to add back this expense which would normally be disallowed by the department during assessment process, and create provision?? Or there is no need for this excercise??
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