Bonus

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 April 2016 WHAT EFFECT WILL BE AS PER INCOME TAX IF IN PARTNER SHIP FIRM ( AUDITED ) IF WE NOT MAKE PROVISION OF BONUS AND PAID THE SAME DURING YEAR AS ON MONTH OF MARCH ENDING

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

01 April 2016 You can consider bonus for the year in which you have made payment. If you make any provision it has to be paid within 6 months from the end of financial year before filing tax return.
You have mentioned you have paid in March. If you would have made provision, during computation it is disallowed. Same was allowed in the year of payment.

Message likes : 1 times