Taxability of Delayed Deposit of Provident Fund
This query is : Resolved
13 August 2009
Rspected Sir,
As per Sec 2(24)x Any sum recd by employed for employees contirbution for any welfare fund is treated as income.
& as per sec 36(V)a any sum such recd above if deposited as per due date of relevant act of that fund will be allowed as deduction.
Does that means if i deposit employees provident fund late, will that be taxable to me (employer) as income ?
Please mention any specific clause or sec.
Thanks in advance
As per Sec 2(24)x Any sum recd by employed for employees contirbution for any welfare fund is treated as income.
& as per sec 36(V)a any sum such recd above if deposited as per due date of relevant act of that fund will be allowed as deduction.
Does that means if i deposit employees provident fund late, will that be taxable to me (employer) as income ?
Please mention any specific clause or sec.
Thanks in advance
Aditya Maheshwari
(Expert)
13 August 2009
Yes if employees PF is not paid within the stipulated due date the same will be disallowed u/s 36(1)(va).
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