43 b previous year exp

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

07 September 2013 A ltd has provided bonus expenditure of Rs. 10 lacs as on 31.3.13 and is payable as on 31.3.13. A ltd is covered u/s 92E under specified transactions and therefore the due date u/s139(1) of filing of return is 30.11.13. The return of income for AY 2013.14 is filed on 6.9.13 after disallowing the bonus provision of Rs. 10 lacs. The bonus will be paid by A ltd on 25.10.13 and will be claimed as allowable expenditure FOR AY 2014.15 on payment basis as provided in section 43B.

Whether the assessing officer will disallow the said expenditure of bonus for AY 2014.15 on the ground that the expenditure pertains to the Previous Year 2012.13 and should have been claimed for AY 2013.14 as the bonus payment is made before the due date of filing of return u/s 139(1)i.e.30.11.13.

CA. Sunil Kumar

CA. Sunil Kumar (Expert)
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07 September 2013 the payment is allowed in the AY 2013-14 only if the assessee paid the sum on or before due date and and the evidence of such payment is furnished by the assessee along with such return

as the assessee filed return before the due date and on such date amount is not deposited. Hence assessee have to claim the expense in next return i.e. AY 14-15

Querist : Anonymous

Querist : Anonymous (Querist)

10 September 2013 My query continues as the evidence of such payment need not be furnished along with the return.

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