Sec 43b

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 May 2012 Dear Sir,
U/s 43b deduction is allowed on payment basis.
However in my case we have nether provided not paid for PF,PT & ESIC for F.Y. 2010-11 in our books of A/c, but now we are paying all these dues as per respective Acts.
My understanding of Sec 43b in the current year i.e. 2012-12 when we are making actual payment we can't claim the amount of PF/PT& ESIC as deduction for F.Y. 2010-11 & for 2011-12 we can provide the liability & can claim deduction.
Pls suggest you view as per provision
Thanks:
Rahul

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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12 May 2012 Section 43B deals with disallowance of expenditure. The proviso to Section 43B provides an exception to the disallowance if the dues are deposited by the due dtae of filing the return.

So what you must keep in mind is that Section 43B is for DISALLOWANCE.

An expense can be disallowed only if it has been claimed by the assessee.

Since you did not claim these expenses in FY 2010-11, Section 43B is not attracted.

Now you have incurred these expenses in 2011-12 (for 2010-11 & 2011-12 both).

The expense for the both the years shall be allowed in FY 2011-12, subject to the condition that the same are deposited before the due date of filing the return.

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