Ashley (cs) (178 Points)
05 March 2009I would like to know if the amount of contribution made by employers to superannuation fund be allowed while computing total income of the company under Income Tax Act in case where the trust is still to be approved by Tax authorities and the application for recognition is pending with Tax authorities
views solicited
naresh
LAXMIKANT JAIPURKAR
(Practicing Company Secretary/Tax Consultant)
(403 Points)
Replied 06 March 2009
It will be allowed as deduction from profit even the decision of trust is pending before Income tax authorities. The trust is formed by the company. The approval is just mere formality.
Amit
(Service)
(22 Points)
Replied 12 February 2011
As per which section the contribution will be allowed? The fund is yet to get approval from CIT..
CA PARAS BAFNA
(Practising CA )
(33428 Points)
Replied 12 February 2011
For this purpose and for more details you may refer Section 36(1) (iv).
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