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Provision - Espense - TDS Challan A.Y.

Income Tax - Started By: - Siva Rama - Dated:- 16-1-2017 Last Replied Date:- 18-1-2017 - Dear sir, Please give your opinion on this. FY 2012-13 AY 2013-14 A company. An year end provision (Mar 31.2013) was kept for Professional fees as per mercantile system of accounting to get true and fair view of PL. ₹ 100/-. Entry Professional fee (Expense GL) Dr 100 Outstanding Liability (Liability Balance sheet GL) Cr 100 Expense was duly disallowed for AY 2013-14 under section 40a(i)(a). FY 2013-14 .....

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paid duly in FY 2013-14, this expense of ₹ 100 is claimed in AY 2014-15. Assessment by assessing officer for AY 2014-15 Assessing officer is not allowing ₹ 100 in AY 2014-15, because TDS challan is in AY 2014-15 and not AY 2013-14(i.e. Assessment year of provision booking). Assessing officer is asking to file correction statement of TDS. How can assessing officer tell like this? Provision was duly disallowed in AY 2013-14 Double deduction is not claimed. Bill is given by the professi .....

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sum, where any tax has been deducted in any subsequent year, such sum shall be allowed as deduction in computing the income of the previous year in which such tax has been paid. Regards, Siva - Reply By Ganeshan Kalyani - The Reply = In my view the mentioning correct assessment year is very important to claim the credit in that previous year. You may write a request to income tax department to correct the assessment year. - Reply By Siva Rama - The Reply = Dear sir,Thanks a lot for your reply.A .....

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