Secton 43b
This query is : Open
Vijay Sharma
(Querist)
15 November 2013
Whether Employer's Contribution with regards to amount of Leave Encashment accrued during the year towards fund operated by LIC is covered under Section 43b or not?
SANTOSH SAGAR K
(Expert)
17 November 2013
Section 43B applies only to the amount outstanding at the end of the previous year.
IN case of fund operated by LIC, the liability is provided based on the premium notice received from LIC, pursuant to Actuarial valuation.
Hence, if any amount is still outstanding in the books, then Sec 43B would apply. However, in case the liability is discharged before the due date of filing return u/s 139(1) for the relevant previous year, then no disallowance is warranted.
IN case of fund operated by LIC, the liability is provided based on the premium notice received from LIC, pursuant to Actuarial valuation.
Hence, if any amount is still outstanding in the books, then Sec 43B would apply. However, in case the liability is discharged before the due date of filing return u/s 139(1) for the relevant previous year, then no disallowance is warranted.
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