Saraswath Ltd. made provision of ₹12 lakh for bonus payable for the year ended 31st March, 2015. It paid ₹7 lakh on 31st July, 2015; ₹3 lakh on 30th September, 2015; and ₹2 lakh on 15th December, 2015. The amount eligibl

CS Executive · Tax Laws and Practice · PYQS · December 2015
Saraswath Ltd. made provision of ₹12 lakh for bonus payable for the year ended 31st March, 2015. It paid ₹7 lakh on 31st July, 2015; ₹3 lakh on 30th September, 2015; and ₹2 lakh on 15th December, 2015. The amount eligible for deduction under section 43B would be
(A) ₹10 lakh
(B) ₹12 lakh
(C) ₹7 lakh
(D) ₹3 lakh.

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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