CA Neeraj Bansal (credit manager of icici bank) (109 Points)
27 September 2008If an organisation has Deducted Employees Contribution but not remitted before 15th April than it will noe be allowed for that year but my question is that will it be allowable next year if it has remitted in next year ...............
Plz Guide Me
Thanks in Advance
Ashok Kumar Shivhare
CA Thomas Raju Paravada
(Chartered Accountant)
(570 Points)
Replied 27 September 2008
Yes it is allowed in the next year
Prakash
(B.Com CA final & CS final)
(196 Points)
Replied 27 September 2008
hi,
Any employee welfare amount (employee contribution) collected and not remitted to the concerned deparment within the stiputated due date will never be allowed, even if next year it is paid.
Ref: Sec. 2(24)(x) and 36(1)(va) of Income tax Act, 1961
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