9911796707
TMI BlogDeduction of sales taxX X X X Extracts X X X X X X X X Extracts X X X X ..... A compnay paid Rs. 1000000/- as input tax on material purchased. It adjusted Rs. 800000/- against output tax payable and claimed balance of Rs. 200000/- as refund from sales tax in the year 2007-08. The sales tax assessment was completed in the year 2008-09 and the department refunded only Rs. 150000/-. It claimed Rs. 50000/- as expenditure in the year 2008-09. Will it be allowed as deduction. if ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... yes, under which section of income tax act. pls. clarify along with relevant case laws if any. Thanks in advance. - Reply By ranganath shenoy - The Reply = in my opinion the reduction of refund may be equated to demand of tax.Any tax paid/adjusted is allowed in the year of payment under Section 43B read with Sec 37 whatever be the method of accounting - Reply By DEV KUMAR KOTHARI - Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Reply = The expenses of Rs.5000/- crystlised on completion of assessment. therefore, adjustment of Rs.5000/- out of amount shown as claim for rdfund will be in nature of expenditure on account of goods purchased. You had deducted Rs.100000/- from goods purchsed/ consumed in earleir year. Now out of this Rs.5000/- is not made availabel by the ST department and it assumed nature of cost of goo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds. The accrual is at the time of completion of assessment and lower refund. - Deduction of sales tax - Query Started By: - manoj gupta Dated:- 23-12-2011 Income Tax - Got 2 Replies - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
