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Discussion > Income Tax >

REGARDING LEAVE ENCASHMENT

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ACA, B.COM


[ Scorecard : 7827]
Posted On 25 August 2007 at 09:18 Report Abuse

AS PER SECTION 43 B (F) , LEAVE ENCASHMENT IS ALLOWED ON PAYMENT BASIS. NOW AS PER OUR CO. AUDITOR, WE HAVE TO MAKE PROVISION FOR LEAVE ENCASHMENT IN BALANCE SHEET , WHICH IS ADD BACK AT THE TIME OF CALUCATION OF INCOME. WHETHER IT IS COMPULSORY TO SHOW PROVSION FOR LEAVE ENCASHMENT. IN B/S.

IF CO. IS ALREADY CLAIMING LEAVE ENCASHMENT ON PAYMENT BASIS. THEN WHAT IS NEED OF PROVISION.

IF PROVISION IS REQUIRED TO BE MADE. THEN HOW IT IS CALUCLATED.  BECASUE EL IS BASED ON CALENDER YEAR BASIS. WHILE ACCOUNT IS FINANACIAL YEAR BASIS.

PLEASE SUGGEST. WHETHER ANY NOTIFICATION OR CIRCULAR OR SECTION IS RELATED TO IT.


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