Employer Contributon to PF even if deposited after due date, whether will be allowed as deduction ?
8 Replies
santhosh
(CA)
(636 Points)
Replied 29 August 2009
Employer Contribution should be deposited 4 due date of filing return U/s 139(1) else will be dis allowed U/s 43B. Employee contribuion toPF/ESI should be remitted b4 PF/ESI Due Date else the amount is taxable U/s 36
Sorabh Gupta
(Manager ( Taxation ))
(877 Points)
Replied 29 August 2009
Yes santosh is right,,,,,,,,,,
llllVICTORllll
(Internal Auditor)
(511 Points)
Replied 29 August 2009
i think, you can claim deduction in the year you have actually made the payment, even though not for the year it us accrued. that is deduction under sec 43B is based on cash basis than accrual basis... i am not fully sure if it is correct, someone please confirm if i am right.
Suman
(Student)
(22 Points)
Replied 29 August 2009
| Originally posted by :Meghdoot |
For claiming deduction u/s 43B payment has to be made within the due date of filing the returns.......If not made it'll be allowed in the year in which the payment is made irrespective of the nature of the expenditure:whether it is Contribution to PF, bonus,.......
ashish gupta
( student)
(1922 Points)
Replied 29 August 2009
Employer contribution will be allowed in the same A.Y. if deposited before the due date of filling the return u/s 139(1). If deposited later it will be allowed in the year of deposit.
CA Bhawesh Jagnani
(kolkata)
(50 Points)
Replied 29 August 2009
Deduction u/s 43B is allowed on payment basis only.But employee contribution will be taxable in the hand of employer if not deposited before due date.employers contribution will be deducted u/s 43b when it will be paid.
If contribution is made towards unrecognised provident fund then the entire amount is taxable u/s 40A(9) irrespective of any payment date...
CA Raghavender
(CHARTERED ACCOUNTANT)
(305 Points)
Replied 06 October 2009
When Employer pay ESI after due date, employee contribution is taxable U/s 2(24)?( which is treated as employer Income)
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