Allowance u/s 43b
This query is : Resolved
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
(Expert)
29 November 2014
you can claim as actual paid amount rs 50 lacs.
CA Kumar Mukesh
(Expert)
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.
In your case you are eligible for claiming deduction.
CA Kumar Mukesh
(Expert)
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
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