Payable Entries for Salary Ect
This query is : Resolved
Naveen Kumar
(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.
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.
12 January 2011
There is no time limit for releasing the payment of expenses as per IT/ Compnay Act.
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
In case of bonus / comission/ leave encashment sec 43B will get attracted and the amount in that respect will be disallowed
Naveen Kumar
(Querist)
13 January 2011
THANKS VERY MUCH SIR....
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