Disallowance Expendeture

This query is : Resolved

CA Raghavender (Querist)
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01 July 2009 Hai To All
Amount Paid to EPF againest Notice (Issued by commissioner of EPF for late payment)So, is it admissible or not ?

Venkat Rao Marella

Venkat Rao Marella (Expert)
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01 July 2009 This will definitely take the character of Penalty for non payment in time. hence not allowable.

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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01 July 2009 Employer's Contribution will be allowed u/s 43B and employee's contribution will be treated as Income u/s 2(24)(x).

CA Raghavender

CA Raghavender (Querist)
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01 July 2009 Thanks for reply .....
Nitin sir it is panalty levied by commissioner of EPF for late payment(actually paid is 20th but the commissioner gave a notied for after 15th),my doubt whther the amount so paid is allowed as deduction or not

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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01 July 2009 If it is a penalty, then it will be disallowed.

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