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Payment is made by due date of filling of return

A.K.Banik (Tax Consultant) (1596 Points)

28 October 2011

What are the certain expenditure which are allowde only if payment is made by due date of filling of return ?

Ref : 43B , 139(1)

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4 Replies

Devendra (Chartered Accountant) (4775 Points)
Replied 28 October 2011

Payments such as Electricity, Telephone, Bonus, VAT / CST, Service Tax, or any Duty, Cess or Tax by whatever name called.

Wish you Happy Diwali.

Regards,

Devendra Kulkarni

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Shah Tarun (Student) (800 Points)
Replied 28 October 2011

Only following six expenses are covered u\s 43B..

a)any sum payable by the assessee by way of tax, duty, cess or fee, (by whatever name called, under any law for the time being in force);

b)any sum payable by the assessee as an employer by way of contribution to any provident fund or superannuation fund or gratuity fund or any other fund for the welfare of employees;

c)any sum payable as bonus or commission to employee for services rendered;

d)any sum payable by the assessee as interest on any loan or borrowing from any public financial institution or a State financial corporation or a State industrial investment corporation, in accordance with the terms and conditions of the agreement governing such loan or borrowing;

e)any sum payable by the assessee as interest on any loan or advances from a scheduled bank in accordance with the terms and conditions of the agreement governing such loan or advances;

f)any sum payable by the assessee as an employer in lieu of any leave at the credit of his employee

A.K.Banik (Tax Consultant) (1596 Points)
Replied 29 October 2011

Originally posted by : Devendra
	Payments such as Electricity, Telephone, Bonus, VAT / CST, Service Tax, or any Duty, Cess or Tax by whatever name called. Wish you Happy Diwali. Regards, Devendra Kulkarni

This answer is partially right from conceptional viewpoint but , for exam purpose Mr TARUN has got the right answer .

Giridhar S Karandikar (Team Lead) (7548 Points)
Replied 16 November 2011

The expenditure to which TDS is applicable & which is provided in the books on the last day of march is allowed as an expense only if TDS is deposited on or before the due date of filing the return u/s 139(1)

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