Expenses disallow under section 43 b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 June 2015 whether section 43 B says any exp. which routed through Profit and loss account to be disallowed if not pay before filing of return or before due date it is correct.

CA. Sunil Gokhale

CA. Sunil Gokhale (Expert)
Follow

04 June 2015 Sec. 43B does not apply to all expenses but only to specified expenses and that too only when the assesse follows the mercantile system of accounting. Expenses covered by the section are:
(1) Government tax, duty, cess or fee,
(2) bonus, commission & leave salary to employees,
(3) contribution to provident, superannuation and gratuity funds and
(4) interest on loans from scheduled banks & public financial institutions.