Pf contribution for fy 2011-12 in fy 2012-13

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 January 2013 A private company Registered under PF Act, 1952 in June, 2012 and it paid PF for the period 01.06.2011 to 31.05.2012 on 18.06.2012. Is the PF paid by the company is allowable expenses for Income Tax purpose in AY 2013-14?

Thanks in advance.

chetan soni

chetan soni (Expert)
Follow

18 January 2013 the pf payment is the combination of two thing employee contribution & employer contribution. The delay in payment of employee contribution is allowed as expenses u/s43B in the AY 2013-14 (if the earlier year was disallowed).

The employer contribution is paid late is non allowable expenditure & added back to income u/s 2(24)(x) as income.

Message likes : 1 times