If provident fund was not paid with in the due date ie 15th of subsequent month. What are the consequences accoriding to PF act & Income Tax Act ?
If the PF amount paid after the due date is this allowable Expenditure of Employer Contribution for Companies.
Supreme Court Rulings: Provident Fund Contributions Deductible If Paid Before Tax Return Filing Date Under Section 43B. A query was raised regarding the consequences under the Provident Fund Act and Income Tax Act if provident fund contributions are not paid by the due date. Two responses referenced Supreme Court rulings. One cited the case of CIT v. Alom Extrusions Ltd., stating that employer contributions to ESI and EPF, even if paid after the due date but before filing the return, are deductible as expenditure under section 43B. Another response referenced the Vinay Cement case, affirming that contributions paid by the return filing due date under section 139(1) are allowable in the year the expenditure is incurred. (AI Summary)
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