Nearly 3 in 5 Indian organisations hit by financial or economic fraud: PwC survey

Timely Deposit of Employee PF and ESI Contributions Required for Deduction u/s 36(1)(va) of Income Tax Act: ITAT The Income Tax Appellate Tribunal (ITAT) emphasized that timely deposit of employee Provident Fund (PF) and Employees’ State Insurance (ESI) contributions is essential for claiming a deduction under Section 36(1)(va) of the Income Tax Act. The case involved a company that had delayed the deposit of these contributions beyond the statutory due date but claimed the deduction. The ITAT ruled that such contributions must be deposited within the prescribed time to qualify for the deduction. This ruling reinforces the importance of adhering to the deadlines for employee welfare contributions and its impact on tax planning.