Provision of bonus
This query is : Resolved
Srinivasa Joshi
(Querist)
25 October 2011
Sir, we made bonus provision but not paid yet to day, filled income tax retruns. it is allowed please suggest and give clarification in this regard
25 October 2011
Deduction of bonus is allowable only if you have actually paid u/s 43(B) of Income Tax Act.
Provision for bonus is not allowable expenditure.
Example : If you made provision for bonus in A.Y. 2011-12, then up to due date of filing of return u actually paid the bonus then it will be allowable otherwise it is disallowed u/s 43(B).
Provision for bonus is not allowable expenditure.
Example : If you made provision for bonus in A.Y. 2011-12, then up to due date of filing of return u actually paid the bonus then it will be allowable otherwise it is disallowed u/s 43(B).
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