hardik dave (student) (508 Points)
23 September 2013Hello every one.
kindly resolve my query.
my query is-
while preparing tax audit report point no. 21 suppose pf payable is oustanding for the fy2010-11 say amt 500000 and in fy12-13 it has payable amt say 300000. my query is do we need to report the amount paid before furnishing report of the amount paid for the fy2010-11. or we need to report only for the fy2012-13 of the amount which is paid before furnishing report.
HARISH BANSAL
(student)
(229 Points)
Replied 24 September 2013
Firstly let me know in F.Y. 2010-11 whether u have disallowed the amount i.e. Rs.500000.
If Yes, then in this year u have to show this amount under Point no. 21(i) A(a)-
| pre-existed on the first day of the previous year but was not allowed in the assessment of any preceding previous year and was :- | ||||
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paid during the previous year
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And then show Rs.300000/-under point 21(i) B(a)
| was incurred in the previous year and was | |||
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paid on or before the due date for furnishing the return of income of the previous year under section 139(1
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And even this amount i.e. Rs 500000/- which u have disallowed in any previous year , now it is admissible in this F.Y. 2012-13.
if No, then u have to show amount only Rs.300000/-under point 21(i) B(a)
| was incurred in the previous year and was | ||||
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paid on or before the due date for furnishing the return of income of the previous year under section 139(1)
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||||
Regards,
Harish Bansal
CA Poojit Khajuria
(Practice)
(99 Points)
Replied 24 September 2013
Agreed with Harish Bansal... Nice explanation given..........
CAclubindia
