Tax audit for section 43b reporting

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CA Pramod Jain (Querist)
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10 June 2013 Whether Interest accured to LIC of India and Paid after 31.03.2013 shoule be reported u/s 43B in tax audit report.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 June 2013 No need to report , because LIC is not a 'public financial institution' for the purpose of section 43B.

CA Pramod Jain

CA Pramod Jain (Querist)
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10 June 2013 Sir it is a public financial co owned by govt of india.

can u reconfirm the same.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 June 2013 My observation stands confirmed. For details please see explanation 4A of section 43B read along with section 4A of the Companies Act,1956

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CA Pramod Jain

CA Pramod Jain (Querist)
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11 June 2013 Sir

LIC is a public financial institution as per section 4A of the companies act 1956

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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11 June 2013 Yes LIC is a public financial institution as per section 4A(1) (iv) of the Companies Act,1956. I stand corrected.

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