Dear Sir, i want to know that which statutory payment are covered in 43B section of Income Tax
1 Replies
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 19 May 2015
- Any sum payable by way of tax/duty/cess/fee (by whatever name called under any law in force)
- Any sum payable by an employer by way of contribution to PF/SF/any other fund for the welfare of the employees
- Any sum payable by way of bonus/commission to employees
- Any sum payable as interest on any loan/borrowing from a public financial institution (ICICI/IFCI/IDBI/LIC/UTI) /state financial corporation/state industrial investment corporation
- Interest on any loan/advance taken from a scheduled bank including a co-op bank
- Any sum payable by an employer in lieu of leave at the credit of his employee
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