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Sec 43b of income tax act
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?
Replies (9)
Quick Summary
Yes...
But, As per my view Your (all CA) Auditor won't be file without paying the liability.
But, As per my view Your (all CA) Auditor won't be file without paying the liability.
How sir??? we are not debiting any gst paid in p & l account. then how it will attract 43b disallowance.
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).
(note : the tax liability not Your money. it's collected from others).
Ok sir..but 43b disallowance attracts only to the expenses debited in p and l account.
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
Thank you Bhavin shah sir.. I kindly request you to provide the case law regarding sec 43b(relating gst payment).
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
Refer this link
Thank you sir...
Taxes should be paid before orignal date of filing return i.e. 139(1) or will it be allowed even when taxes are paid before filling late return 139(4)
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