Esic and p.f.

This query is : Resolved

tarunjjain (Querist)
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09 December 2011 MY CLIENT HAS PAID RS. 300000/- TOWARDS ESIC AS ARREARS FOR THREE YEAR.
THE EXPENSES IS BOOKED IN CURRENT YEAR.

WHETHER EXPENSE IS ALLOWED AS PER INCOME TAX ACT. ?

anurag

anurag (Expert)
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09 December 2011 Yes , this expense is allowed under the income tax act as liability to pay such tax has risen in this financial year only , and the company has paid the same.

tarunjjain

tarunjjain (Querist)
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09 December 2011 WHETRE IT CAN BE TREATED AS PRIOR PERID EXPENSES ?

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Guest

Guest (Expert)

09 December 2011 No it will not be treated as prior period expenses.