IS DUTIES & TAXES LIKE TDS, GST, PROFESSION TAX ETC DISALLOWED U/S 43b? I AM GETTING CONFUSION ABOUT THE SAME AND OTEHR EXP. PLEASE HELP ME TO SOLVE THIS. WHAT WILL BE ALLOWED & DISALLOWED U/S43b???
THANKS IN ADVANCE
4 Replies
Kush Khandelwal
(Student Others)
(33 Points)
Replied 15 March 2019
Such tax/duties which are debited to P/L account and for which deduction is claimed is disallowed under section 43B(a) in case of non payment within stipulated period. Example- Municipal Tax
Usually we don't debit TDS to Profit and Loss. The expenses on which is TDS deductible but not deducted/deposited by the last date of filing of return shall be disallowed u/s 40a(i)/ 40a(ia).
In case of GST, it is debited to P/L where it's itc is not allowed. Since, it's our input credit the question of payment may not arise.
Usually we don't debit TDS to Profit and Loss. The expenses on which is TDS deductible but not deducted/deposited by the last date of filing of return shall be disallowed u/s 40a(i)/ 40a(ia).
In case of GST, it is debited to P/L where it's itc is not allowed. Since, it's our input credit the question of payment may not arise.
Pratik Surve
(Assistant Professor )
(571 Points)
Replied 15 March 2019
OK THANKS
BUT ONE MORE THING
IN GST INELIGIBLE ITC WHICH IS DEBITED TO P&L A/C WILL BE ALLOWED AS EXPENSES IN CALCULATION OF PROFIT AS PER IT??
Kush Khandelwal
(Student Others)
(33 Points)
Replied 15 March 2019
Yes, as it is a part of purchase cost.
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