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santhosh

santhosh (Querist)
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08 August 2010 according to S.2(24)(X)

THE ASSESSE IS COLLECTING FROM EMPLOYEES AND CONTRIBUTING THEN WHY HE IS TAXBLE

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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08 August 2010 Employee's contribution and employer's contribution may be viewed separately. As far as employee's contribution is concerned, the gross salary is claimed as expenditure by the employer, where as the employee is paid with salary net of PF leaving the PF amount as credit in employer's hands. Unless it is paid to government on account of PF, the employer is taking undue benfit of expenses to the extent of employee's PF contribution which is rightly to be assessed in the hands of the employer under section 2(24)(x) of the Income tax Act,1961.

srinath

srinath (Expert)
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08 August 2010 if it is not paid within the due date then it would be deemed income u/s 2(24)(x)

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