43b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 September 2013 A company has to make the payment of bonus to the employees for FY 2012-13. The provision has been made in the books of accounts. Now its allowability means actual payment has to be made. If the company only shows payment by making a bank payment entry in books of accounts on 28/09/2013 (as the company is planning to file return on 30/09/2013), and actually presents the cheque in the bank after october would it be allowed, as the cheque is valid for 3 months. Please clarify that actual payment means clearing the provision made in the books of accounts by passing payment entry in the books or the cheque has to be cleared from the bank account before filing of income tax return.

Ashwani Narnoli

Ashwani Narnoli (Expert)
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21 September 2013 In my opinion, since there is no such clarification in the guidance note for this issue, u can do in this manner for its allowance.

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Ganeshbabu K

Ganeshbabu K (Expert)
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21 September 2013 Yes,no clarification provided regarding this in guidence note,,
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you can issue cheques before filing return of income and can get bonus payable allowed as expence

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