employees contribution toward provident fund
This query is : Resolved
CA Rahul Jain
(Querist)
08 June 2010
a cheque for the payment of provident fund is given on date of 18-3-2010 & but the challan date show the date 22-3-2010
will this exps.will be allowed or not as per section 36 of income tax in case it is employees contribution as the due date is 21 of every month
will this exps.will be allowed or not as per section 36 of income tax in case it is employees contribution as the due date is 21 of every month
Sunil Kr. Sanganeria
(Expert)
08 June 2010
Any sum payable by an employer by way of contribution to Provident fund ia allowable on payment bais under section 43B of the Income Tax act means in the year in which payment is actually made. In you case expenses will be allowable in Assessment year 2010-11.
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