Dear Sir
Service Tax Payable Shown as liability under Current Liabilities not debited to P&L a/c (not claimed as expenses),not paid before filing IT Returns , is it allowable under Income Tax Act,Pls clarify
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Section 43b
Replies (1)
Sec 43B requires an asseessee to pay such liabilty to claim deduction.
Hence, amount payable shown under current liabilty (not paid before filing the return) will not be allowed for the relevant PY.
However, same shall be allowed in P.Y. of actual payment.
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