Tax audit - Section 43B
This query is : Resolved
11 September 2009
For tax audit purpose whether leave encashment is mandatory to be disclosed in Clause 21 for limited companies.
11 September 2009
Yes as it is covered u/s 43B (f)
11 September 2009
Yes, as per section 43B of the Income Tax Act, 1961, Leave Encashment shall be allowed to be deducted only if the payment is made within the due date for filing the return of income u/s 139(1)..
Therefore, leave encashment need to be shown in clause 21 of the Form-3CD.
Therefore, leave encashment need to be shown in clause 21 of the Form-3CD.
11 September 2009
But in the case of Bharat Earth Movers vs CIT[2000] 245 ITR 428(SC)43B(f)is struck down. So what is the actual stand now on 43B(f)?
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