04 December 2013
one time contribution for group superannuation scheme with LIC we are supposed to pay around 7 crore is it allowable expenditure as per income tax act? please give relevant sections and rules reference.
04 December 2013
Yes it deductible u/s 37 of the Income Tax Act 1961 as it satisfies all conditions laid out under the said section. if it was provision it would have been disallowed u/s 40.
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