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Payable Entries for Salary Ect

This query is : Resolved 
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(Querist)
12 January 2011 Dear Sir

If we provide Exp. payable entries at the end of the year.with in what period we have to clear that one. as per Income tax Act. for The Company and Proprietary consurns.
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
12 January 2011 There is no time limit for releasing the payment of expenses as per IT/ Compnay Act.
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Vivek Raju P

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Vivek Raju P (Expert)
12 January 2011 No time limits are specified but these will be questioned by the auditors in case of undue delays and in some cases may come under tax audit query also.

In case of bonus / comission/ leave encashment sec 43B will get attracted and the amount in that respect will be disallowed
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Naveen Kumar

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Naveen Kumar (Querist)
13 January 2011 THANKS VERY MUCH SIR....
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