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Sec 43b of income tax act


Jomon P B (student)     27 June 2020

Jomon P B
student 
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We had a gst liability of Rs 10000(net of output tax minus input tax) which was paid after the due date of filing return u/s 139(1). whether it will be disallowed u/s 43b?

avater

RAJA P M ("Do the Right Thing...!!!")     27 June 2020

RAJA P M
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Yes...



But, As per my view Your (all CA) Auditor won't be file without paying the liability.

Jomon P B (student)     27 June 2020

Jomon P B
student 
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How sir??? we are not debiting any gst paid in p & l account. then how it will attract 43b disallowance.

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RAJA P M ("Do the Right Thing...!!!")     27 June 2020

RAJA P M
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Yes... The Tax liability are can't come under PandL account. But, the liability must be pay before filing of ITR with due dates...

(note : the tax liability not Your money. it's collected from others).

Jomon P B (student)     27 June 2020

Jomon P B
student 
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Ok sir..but 43b disallowance attracts only to the expenses debited in p and l account.

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Bhavin Shah (Chartered Accountant)     28 June 2020

Bhavin Shah
Chartered Accountant 
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The gst liability will be reported as not paid in tax audit report, but there should be no disallowance u/s 43B provided the same is not routed through the profit&loss acc.... There are a no. of favourable judicial precedents on this matter

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Jomon P B (student)     28 June 2020

Jomon P B
student 
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Thank you Bhavin shah sir.. I kindly request you to provide the case law regarding sec 43b(relating gst payment).

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Bhavin Shah (Chartered Accountant)     28 June 2020

Bhavin Shah
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Https://www.taxscan.in/s-43b-income-tax-act-not-applicable-cases-assesse-not-claimed-statutory-liability-business-expenditure-itat-hyderabad-read-order/2346/

Refer this link

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Jomon P B (student)     28 June 2020

Jomon P B
student 
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Thank you sir...


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