Deduction u/s. 40(a)(7)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 September 2012
In case a company has created an approved gratuity for the first time, will provisions made in earlier years be allowable as a deduction?
Example:
Provision for gratuity in 2011-12: Rs. 1lakh
Date of formation & approval for fund: March 31, 2013
Will 1 lakh be allowed as deduction in 2012 - 2013?
Example:
Provision for gratuity in 2011-12: Rs. 1lakh
Date of formation & approval for fund: March 31, 2013
Will 1 lakh be allowed as deduction in 2012 - 2013?
25 September 2012
Hello,
Yeah the same will be allowed as deduction if the contribution is towards approved gratuity fund on payment basis and not on provision basis
Yeah the same will be allowed as deduction if the contribution is towards approved gratuity fund on payment basis and not on provision basis
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