p.veera Prasad (audit assistant) (30 Points)
01 October 2012sir,
PF and ESI within due date was not paid one of the company for the financial year 2011-12 now disallowed and next year will be allowed as per income tax act. if anybody give me answer.this is correct or not
tds is allowed next year but this PF and ESI allowed or not
Thank u
Aman Aggarwal
(Audit & Finance Manager)
(62 Points)
Replied 03 October 2012
As per recent circular by CBDT, PF & ESI if not paid within their respective due dates ( 21st nd 20th respectively) but paid before the due date of submission of return of income i.e. 30th sep are deductible.
So as an example, if Contributions for March,12 are paid even in sep'12 , they are tax deductible & won't be disallowed for AY 2012-13
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