Purview of section 43B

[sumit agarwal]

Dear Professional Colleagues,

 

Kindly give your valuable opinion on the following query.

 

Whether service tax liability as at the year end say 31.03.2013, if not paid within the due date of furnishing the return will be disallowed under the purview of section 43B.

 

Please note that service tax is not an expenses nor it has been routed through profit and loss account.

 

Kindly give your opinion within the requirement of the section 43B supported with High/Supreme Court case laws.

 

What will be best practices for such statutory liability if not paid within due dates which is neither the expenses of the assessee nor it has been routed through profit and loss account.

 

Your earlier response will be appreciated.

 

 

Thanks & Regards
CA Sumit Kr Agarwal

 

[Vishal Agarwal]

I believe the onus id on AO to route it through PL. As per SC in Chowringhee Sales Bureau.

Vishal Agarwal

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VISHAL AGARWAL

INTERN

AGARWAL N & ASSOCIATES

CHARTERED ACCOUNTANTS

3 BENTINCK STREET, 3RD FLOOR

KOLKATA: 700 001

CONTACT: 033 2242 0207 ; +91 94333 97820

[vaibha...@gmail.com]

Dear Professionals,

I'm also having the same query but with respect to VAT.
Kindly give your valuable suggestions on this issue.
I'm so amazed to see that this query has not been resolved for 17 days!!

[vaibha...@gmail.com]

Dear Sumit,

The correct case law to be referred to is of Commissioner Of Income-Tax vs India Carbon Ltd. May 22, 2003. below is the link:

http://indiankanoon.org/doc/738758/

wrt above decision it is clear  that your service tax amount would not be added in Profits.

On Thursday, September 5, 2013 10:07:59 PM UTC+5:30, Sumit Agarwal wrote:

[RAJESH KUMAR AGARWAL]

Yes, please read section 145 of Income tax act which say all tax should be routed through profit and loss account

 

Ca Rajesh Kumar Agarwal, F.C.A

Partner, 

Kadmawala & Co,

Chartered Accountants

Kachery Road, Rourkela-12

Odisha

Cell_09437049810

#0661-3202710,2501710/2511710(fax)

---

From: Vishal Agarwal <vishalag...@gmail.com>
To: foru...@googlegroups.com
Sent: Friday, 20 September 2013 10:23 PM
Subject: Re: [CA RUNGTA PD] Purview of section 43B

[vaibha...@gmail.com]

Dear Rajesh ji,

The Section 145A says

 the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head "Profits and gains of business or profession" shall be—

 (i)  in accordance with the method of accounting regularly employed by the assessee; and

(ii)  further adjusted to include the amount of any tax, duty, cess or fee (by whatever name called) actually paid or incurred by the assessee⁵⁹ to bring the goods to the place of its location and condition as on the date of valuation.

Having read the above two clauses we should not ignore the first one, and the second one is there for those assessees only who have shown VAT, CST and Service Tax etc as their Profit & Loss Account. We should not hereby take it as that it is applicable to one and all equally.

Hence if one has not routed such taxes through his P&L but shown as a liability then the non payment of same would not cause any addition in the income of assessee.


Regards,
Vaibhav Jandey

Vishal Agarwal

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VISHAL AGARWAL

INTERN

AGARWAL N & ASSOCIATES

CHARTERED ACCOUNTANTS

3 BENTINCK STREET, 3RD FLOOR

KOLKATA: 700 001

CONTACT: 033 2242 0207 ; +91 94333 97820

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[Ecotech]

It is tax neutral.

 

JNGupta

9331022920

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