Third Parties And Multiple Representations Excluded From Hearing In Section 7 Or 9 IBC Petitions: NCLT Kochi

The Income Tax Appellate Tribunal (ITAT) has ruled that delayed payments of Provident Fund (PF) and Employee State Insurance (ESI) contributions are allowable deductions if they are made before the due date of filing the income tax return. This decision provides relief to employers by allowing them to claim deductions for late payments as long as they are made within the specified time frame. The ruling clarifies the treatment of such contributions and aligns with the objective of ensuring timely compliance while providing flexibility to taxpayers.