Provident Fund

[krishna besta]

 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.

AI Summary

Tax deduction under Section 43B: employer provident fund contributions allowed if paid by the return filing due date.
An employer's contribution to provident or social security funds is deductible for income tax purposes if paid on or before the due date for filing the income tax return; contributions paid after the statutory installment due date but before the return filing due date are allowable business expenditure. Supreme Court authority confirms that employer and employee contributions discharged by the return filing due date meet the timing requirement and are deductible in the year the expenditure is incurred.