Provision for salary
ashok gupta (67 Points)
16 January 2020
provision for salary is admissible under income tax or not
5 Replies
SHIVANI KUDTARKAR
(512 Points)
Replied 16 January 2020
Not admissible.
Salary expenses are allowed to be claimed subject to section 43B i.e. on actual payment basis.
The only provision allowed is provision for gratuity which becomes payable.
Salary expenses are allowed to be claimed subject to section 43B i.e. on actual payment basis.
The only provision allowed is provision for gratuity which becomes payable.
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 16 January 2020
@ Mr Ashok Gupta.,
Are You asking about Employer's account or Employee's Salary...?
Are You asking about Employer's account or Employee's Salary...?
RAJA P M
("Do the Right Thing...!!!")
(128101 Points)
Replied 16 January 2020
Yes... You can provide Provision of Salary in the end of the month. It's admissible under income tax...
CA Arun Tiwari
(Partner)
(6460 Points)
Replied 20 January 2020
The only salary paid or incurred in the current year is deductible from current income and any provision for future salaries shall not be admissible as deduction as a business expense under Income Tax and if it is already claimed as a deduction it will be disallowed by AO in future.
Recent Topics
- Surrender of Private Limited Shares
- CLOSURE of LLP VIA FORM 24
- RCM on repair
- Understand Operating Profit/Income - How to Calcul
- Error in E-verification for Form 35(Appeal)
- ITC on plant and equipment
- Https://www.facebook.com/luxeleurantiagingserum/
- TDS for Senior Citizen
- Want to pay tax on forward charge and pay tax
- How Often Should You Service Your Air Conditioner
Related Threads
CAclubindia
