Hi,
If a company is providing the VAT liabilty of Previous year in current financial year.
Will it be prior period item if yes then will the amount of VAT be disallowed under income tax.
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Vat provision
Replies (3)
deduction for taxes is allowed on payment basis as per section 43B under the I-T Act, so even if VAT of previous years not provided is provided & paid in the current year it would be allowed.
I agree with giridhar
if not booked as Outstanding in P.Y. then recorded as priop period item ,and agreed with giridhar
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