22 September 2008
Whether the employee contribution towards PF deducted by the employers will be treated as income of the employer if deposited late? is there any case law regarding this fact?
23 September 2008
According to Sec.36(1)(va) of the Indian Income Tax Act, 1961; Employee's Contribution to any Fund will be treated as income of the person u/s 2(24)(x) if not paid within the due date of that particular statute.
However, there is a case law which states that contribution will not be added to income if it is paid " within due date of filing of return"
CAclubindia
