CA Final
42 Points
Joined January 2009
Dear all.
Firstly, I would like to bring all of yours attention to the fact that sec 43B only talks about EMPLOYERS contribution not about EMPLOYEES. Therefore, if employees contribution has been paid after due date it shall got disallowed for forever provided same has been claimed as expenditure first. Further, it will become income of the assessee u/s 2(24)(x) of the income tax act 1961 and will not be allowed as expenditure on payment basis in next year.
Secondly, on combined reading of the sec. 43B, 2(24)(x) & 36(1)(v) it may be interpreted that due date shall be the date by which assessee as an employer, is required to credit an employees‘ contribution to the employees‘ account in relevant fund. However, in some decided case laws apex court had taken its favourable view on the basis of due date which shall be the date of filing of return u/s 139(1).
Regards,
ChiraG Kalra