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Disallowance of amount debited to profit and loss account due to late payment of recognized pf

509 views 2 replies

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.

Kindly Advise.

CA ANAND BAGADE

9820956767

Replies (2)
Income tax department has correctly processed and raised proper demand. Pay the demand and discharge your dues.
if it's employers contribution then it can be deposited till the due date to file Return Of income and the same can be claimed as deduction. but if it's employees contribution and if it's not been deposited within due date specified in relevant acts and rules then the same cannot be claimed as deduction for any assessment year


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