Re : 43b liability

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 October 2015 Case : XYZ (P) Ltd. (liable to tax audit) has filed its income tax return for a.y. 2015-16 on 30.09.2015 wherein esic payment (amounting to Rs. 30,000) covered by 43B was mistakenly allowed (which was required to be disallowed as payment for the same was not made till 30.09.2015). The due date for A.Y. 2015-16 has been extended by CBDT on 01.10.2015 till 31.10.2015.

The above payment of Rs. 30000 has been made on 05.10.2015.

Should XYZ (P) Ltd. revise its return thereby disallowing the unpaid amount & pay the additional tax or not?

Can a plea be taken on the ground of extended date? Payment has been made before the due date of furnishing the return of income u/s 139(1) of the Income Tax Act' 1961.

Urgent Reply Requested Please.....

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
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17 October 2015 You don't need to revise original return and consequently need to pay taxes, since last date is extended by CBDT and therefore effective due date will be 30th October under section 139(1). for section 36 (1) ..

Therefore need to be worry...

Thank you..