Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > S 43B Deduction Allowed on Payment Basis
S 43B Deduction Allowed on Payment Basis Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on S 43B Deduction Allowed on Payment Basis Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the meaning of S 43B Deduction Allowed on Payment Basis Taxation? |  |
Ans. S 43B Deduction Allowed on Payment Basis Taxation refers to a provision in the tax laws that allows businesses to claim deductions for certain expenses only when they are actually paid, rather than when they are accrued or incurred.
| 2. Which expenses are eligible for S 43B Deduction Allowed on Payment Basis Taxation? | |
Ans. Expenses related to taxes, duties, cesses, and fees imposed by any law in force are eligible for S 43B Deduction Allowed on Payment Basis Taxation. This includes expenses like employee provident fund contributions, employee state insurance contributions, and other similar statutory payments.
| 3. Can businesses claim deductions for expenses that have not been paid under S 43B Deduction Allowed on Payment Basis Taxation? | |
Ans. No, under S 43B Deduction Allowed on Payment Basis Taxation, deductions can only be claimed for expenses that have been actually paid. Accrued or incurred expenses that have not been paid cannot be claimed as deductions.
| 4. How does S 43B Deduction Allowed on Payment Basis Taxation impact cash flow for businesses? | |
Ans. S 43B Deduction Allowed on Payment Basis Taxation can have a significant impact on the cash flow of businesses. Since deductions can only be claimed when the expenses are actually paid, it may result in businesses having to allocate funds for these expenses before they can be deducted. This can affect the available cash flow for other business operations.
| 5. Are there any exceptions to S 43B Deduction Allowed on Payment Basis Taxation? | |
Ans. Yes, there are certain exceptions to S 43B Deduction Allowed on Payment Basis Taxation. For example, if the business is following the mercantile system of accounting, certain expenses like interest on borrowings, royalties, and other specified payments can be claimed as deductions even if they have not been paid. However, these exceptions are subject to certain conditions and limitations as specified in the tax laws.
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Nov 16, 2024 Last updated |
Video Description: S 43B Deduction Allowed on Payment Basis for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
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