26 April 2008
One of my client has deducted PF for the Month of April,may,And june-2004 and paid it in aug-2004 in the same financial year(with interest & penalty).ie he deducted but paid late by 2 month.can A.O. disallow the expenses on the ground thai it is paid late ? is there any decided case on this matter ? please refer me
27 April 2008
sec 43B of The IT Act,1961 says that if tax, duty, cess or fees if payable shall be deposited on or before the due date for furnishing the return of income so as to allow the exp as admissible exp durinf the relevant py.
Hence, in ur case, actual exp (exclusive of int, and penalty) is allowed as exp for the py 2004-2005
CAclubindia
