Allowance u/s 43b

This query is : Resolved

Shourabh (Querist)
Follow

28 November 2014 We made a provision for bonus of Rs.30 lacs on 31-03-2014. But we paid Rs.50 lacs as bonus to employees on 31-05-2014. Now what amt will be allowed as expense u/s 43b??? 30 or 50???

Rupesh Jain

Rupesh Jain (Expert)
Follow

29 November 2014 you can claim as actual paid amount rs 50 lacs.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
Follow

29 November 2014 Under Section 43B, Bonus expenses can be claimed as deduction only it paid on before the due date of filling of Return of Income (139(1)).

In your case you are eligible for claiming deduction.

CA Kumar Mukesh

CA Kumar Mukesh (Expert)
Follow

29 November 2014 It is allowed on paid basis not on provision basis. therefore Rs. 50 lacs will allowed as deduction subject to the provision of section 40A(3) read with rule 6DD

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Chaitanya Voolla

MEHUL M. KEVAT

K.S. ANANTHARAJAN

v.rama krishna

DEEPAK BHARGAVA

Subscribe Now

Allowance u/s 43b

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANCY

Article Assistant

GST CONSULTANT

Accountant

CA Final

Manager- Finance and Compliance