can i claim deduction on account of contribution to non recognized provident fund under section 37(1).
C.A. LINESH PATIL (CA) (910 Points)
21 October 2010can i claim deduction on account of contribution to non recognized provident fund under section 37(1).
CA Himanshu Bansal
(Risk Manager)
(2345 Points)
Replied 24 October 2010
Dear Linesh,
Refer Section 40A(9)
Disallowance in respect of contibutions to non-statuatory funds
No deduction shall be allowed in respect of any sum paid towards setting up or formation of any fund,trust or socirty etc for any other purpose which is not approved or recognised.
Only sum contributed by an assessee as an employer, towards an approved gratuity/PF/Supperannuation fund shall be allowed as a deduction.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
CAclubindia
