If we provide Exp. payable entries at the end of the year.with in what period we have to clear that one. as per Income tax Act. for The Company and Proprietary consurns.
12 January 2011
No time limits are specified but these will be questioned by the auditors in case of undue delays and in some cases may come under tax audit query also.
In case of bonus / comission/ leave encashment sec 43B will get attracted and the amount in that respect will be disallowed
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