My assessee is registered under Provident Fund. In few months he has paid monthly PF late due to which notice was received from Income Tax Department that such late paid amount of Provident Fund which is debited to Profit and Loss account shall be disallowed and tax needs to be paid on it. Now Income Tax Department has passed Assessment Order by disallowing such late paid amount of Provident Fund due to which heavy amount of income tax is to be paid. What could be the probable solutions.
CA ANAND BAGADE