section 43b
Prateek Modi (student) (55 Points)
02 October 2017
Will employee contribution be disallowed if paid after monthly due date but before furnishing of returns for FY 16-17??
6 Replies
dipesh ruparelia
(9 Points)
Replied 02 October 2017
Yes. it shall be disallowed!
"Employee" contribution is governed by sec 36(1)(va) and not by section 43B.
The relevant extracts are as uder:
..."[va] any sum received by the assessee from any of his employees to which the provisions of sub-clause [x] of clause [24] of section 2 apply, if such sum is credited by the assessee to the employee's account in the relevant fund or funds on or before the due date.
Explanation.—For the purposes of this clause, "due date" means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise;"
"Employee" contribution is governed by sec 36(1)(va) and not by section 43B.
The relevant extracts are as uder:
..."[va] any sum received by the assessee from any of his employees to which the provisions of sub-clause [x] of clause [24] of section 2 apply, if such sum is credited by the assessee to the employee's account in the relevant fund or funds on or before the due date.
Explanation.—For the purposes of this clause, "due date" means the date by which the assessee is required as an employer to credit an employee's contribution to the employee's account in the relevant fund under any Act, rule, order or notification issued thereunder or under any standing order, award, contract of service or otherwise;"
Rachit Jain
(99 Points)
Replied 02 October 2017
Sir,
Section 43B allows employers share as an allowable expense while computing gain/loss under PGBP only if incurred
Section 43B allows employers share as an allowable expense while computing gain/loss under PGBP only if incurred
Rachit Jain
(99 Points)
Replied 02 October 2017
Only if incurred before due date of filing the return under sec139(1). Employees deduction not deposited on or before the due date shall be disallowed even if entire expense is incurred before the due date of filling of
Ashwin Kumar
(1234 Points)
Replied 02 October 2017
only expenses incurred before due date within the said limit can be availed
Ashwin Kumar
(1234 Points)
Replied 02 October 2017
only expenses incurred before due date within the said limit can be availed
Prateek Modi
(student)
(55 Points)
Replied 02 October 2017
I have seen a high Court judgement in a case law of KICCHA SUGAR CO LTD 2014 where the same was allowed as per the order..
Recent Topics
- Form 3CEAA and Form 3CEAB
- DIR 3 Web KYC
- Can i declare LTCG income as business income if I
- Stock entry in new software
- I have an EMI collection shop, what is its SAC cod
- Making payment once in quarter possible under QRMP
- Master File Documentation related
- Applicability of 44AD needs clarification
- ITC reversal in GST 3B
- Claim if ITC on stocks 19-2020 conversion from com
Related Threads
CAclubindia
