Diwali Expenses – Allowed in Income tax or not ? ITC or not ? What is the Correct accounting SOP ?
this question comes up in accountants mind from time to time, also in minds of entrepreneurs
So, all aspects and practical aspects, covered in this circular… at your service.
Questions we have answered in the circular below
Can I Debit Diwali Gifts in My books ? All ok ? Will it be disallowed ? Will I get the ITC ? Will I face problem in Income tax ? E Circular.
- Do you know that if you purchase sweets for workers and pay cash to the sweetshop over Rs 10000, it will be disallowed ?
- Do you know that if you pay Bonus to workers and pay cash over Rs 10000, it will be disallowed ?
- Do you know that you can get GST modvat (ITC ) in some cases and some not.
- Do you know there is a possibility of TDS as big as 25% effective (Grossing up u/s 194R ) in case of large gifts without PAN.
for our E-Circular in Nice Presentable PDF format
IMSME ECircular –Diwali expenses GST and Income tax dt 6-11-2023
Dont worry, Laws are good, for Clarity, for safety, for standards. Just follow them properly. You can get the Income tax expense, you can get the ITC credit in some situations, you dont have to worry, if you are complying with the law properly.
With Fond regards, Puneet Gupta and Sangeet Gupta, and all MLG Team members
If you have doubts you can Contact us … this will let you know your Risks, your clarity, your safety, what is right, and what is not right, in your kind of business situation, Contact us
Our main site is www.mlgassociates.in
and other site is : www.mlgassociates.org,
