Held that employees contribution of ESI and Provident Fund paid before due date of filing of return is allowable as deduction. Amendments incorporated in section 36(1)(va) and 43B of the Act by the Finance Act, 2021 by inserting explanation 2 and explanation 5 to the respective provisions are prospective in nature and applicable with effect from 1-4-2021. Followed Salzaitter Hydraulics (P) Ltd v.ITO (2021) 128 taxmann.com 192 (Hyd) (Trib). (ITA No. 6426/ 2017 dt. 27-7 2021)(AY. 2012-13)
DCIT v. Maharashtra Tourism Development Corporation (2021) The Chamber’s Journal-October-P 110) (Mum.)(Trib.)
S. 36(1)(va) : Any sum received from employees-Employees contribution-ESI-Provident Fund-Paid before due date of filing of return-Allowable as deduction. [S. 43B]