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Income tax

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 September 2010 a partnership firm has Net profit of Rs. 50 lacs which is fully allowable as deduction u/s 80-IC. However it has made violation under clause 16 (b) of Form 3CD i.e Rs. 50,000/- of Employees contribution towards PF has been deposited after due date of deposit. Now whether on Rs. 50,000/- it is liable for income tax or whether it is also allowd as deduction u/s 80-IC
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CA Sanat Pyne

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CA Sanat Pyne (Expert)
12 September 2010 NO YOU HAVE TO PAY TAX. THIS AMOUNT WILL NOT BE ALLOWABLE U/S 80IC.
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