Tax audit for section 43b reporting
This query is : Resolved
CA Pramod Jain
(Querist)
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.
10 June 2013
No need to report , because LIC is not a 'public financial institution' for the purpose of section 43B.
CA Pramod Jain
(Querist)
10 June 2013
Sir it is a public financial co owned by govt of india.
can u reconfirm the same.
can u reconfirm the same.
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
(Querist)
11 June 2013
Sir
LIC is a public financial institution as per section 4A of the companies act 1956
LIC is a public financial institution as per section 4A of the companies act 1956
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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