During assessment proceedings AO disallowed expenses for Rs 500000 (Five Lakhs). The assessee is having caried forward losses of Rs 25 Lakhs. whether tax is payable on addition made by AO of Rs 5 Lakhs?
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Whether tax payable?
Replies (2)
If any expenses is disallowed then your income increases and you have to pay taxes on the same..
Sir,
But we have brought forward loses to set off. Still tax payable on the addition?
Thanks
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