Employees contribution to pf
This query is : Resolved
28 October 2014
Hi, in case the employees contribution to PF for the month of January 13 is paid in the month of June13(before filling the return of income), can the expense be allowed as deduction for the P.Y.12-13?. Thanks in advance
CA R SEETHARAMAN
(Expert)
28 October 2014
Employees' contribution is an income in the hands of the employer-assessee as per section 2(24)(x)
The same is an allowable expenditure, provided the payment thereof is made on or before the due date prescribed under the relevant PF scheme, as per provisions of section 36 (1) (va).
The same is an allowable expenditure, provided the payment thereof is made on or before the due date prescribed under the relevant PF scheme, as per provisions of section 36 (1) (va).
28 October 2014
PF for Jan 13 is due by 15 Feb 13, so you have paid post due date hence expense is not allowed.
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