This past week saw several significant updates across various regulatory bodies. In Income Tax, the Delhi High Court quashed a 5% compounding charge in a TDS case, clarifying its applicability. Under GST, the CBIC issued a circular providing clarifications on the treatment of secondary and post-sale discounts, detailing ITC reversal implications and when discounts are considered inducements. The NPPA revised MRPs of medicines due to GST rate reductions, while GSTN advised taxpayers to file pending returns before the three-year expiry limit. Several AAR rulings provided clarity on ITC eligibility for steel supports, the GST treatment of outpatient consultations versus medicines, and the applicable GST rate for ash bricks. Notably, an AAR ruled that ISD registration is mandatory for common ITC distribution from April 1, 2025. The Supreme Court affirmed that authorities cannot adjudicate ITC eligibility during refund proceedings and allowed GST refunds for services provided to foreign universities. The Rajasthan High Court struck down a GST circular that restricted refunds.
Customs saw the notification of tariff values for edible oils and metals, the designation of a new customs station in Dalpatpur, Moradabad, and the finalization of Provisional Assessment Regulations. The DGFT amended the export policy for animal by-products and introduced an online correction facility for Duty Free Import Authorisations. SEBI introduced amendments to its Alternative Investment Funds, Issue of Capital and Disclosure Requirements, and Listing Obligations and Disclosure Requirements regulations, impacting co-investment schemes, social stock exchanges, and dematerialization requirements. It also revised regulations for Angel Funds and simplified compliance for FPIs investing in government securities. The MCA amended rules for fast-track mergers, expanding eligibility and streamlining procedures. The IBBI saw an NCLAT judgment clarifying that operational debt does not include interest unless agreed upon, and another stating a financial creditor’s right under IBC cannot be curtailed by pending OTS proposals. An Insolvency Professional was suspended for improperly forfeiting an EMD. The RBI launched a microsite for banknotes. Miscellaneous updates include an SC judgment affirming the enforceability of cash payments in promissory notes and a Delhi HC affirmation disallowing delayed deposit of employee PF/ESI contributions.
Notifications & Circulars issued during week (08th– 14th Sep 2025)
(Income Tax, GST, Central Excise, Custom Duty, DGFT, SEBI, MCA, IBBI, RBI)
(Click the Link for Notification/ Circular as issued)
A. Income Tax
HC quashes 5% compounding charges in TDS case: Case of Sangeet Seth vs CCIT, HC Delhi Judgement Dated 3rd September 2025. The petitioner, as an erstwhile director of M/s Velvet Apple Hotel Pvt.Ltd., failed to deposit Tax Deducted at Source (TDS) of Rs 6,11,820 for the financial year 2009-10 within the stipulated timeframe. This default led to criminal prosecution proceedings against him under Sections 276B and 278B of the Income Tax Act, 1961. He filed a compounding application to settle the criminal case, but his initial application was rejected. He later filed a second compounding application for the same offense. The Court held that the 5% compounding fee was applicable for subsequent compounding orders, but since the initial application was rejected, there was no subsequent compounding order in effect.
B. GST
Clarification on various doubts related to treatment of secondary or post-sale discounts under GST: The circular provide clarifications relating to treatment of secondary or post-sale discounts under GST.
— ITC Reversal on Receipt of Post-Sale Discounts – Whether a dealer/recipient needs to reverse ITC if the manufacturer issues a financial/commercial credit note without tax adjustment – It is clarified that the recipient will not be required to reverse the Input Tax Credit attributed to the discount provided on the basis of financial/ commercial Credit notes issued by the supplier, as there is no reduction in the original transaction value of the supply and accordingly the corresponding tax liability would also not get reduced. Since the supplier’s tax liability and the transaction value remain unchanged, ITC reversal is not required.
— Treatment of Discounts as Consideration for Dealer’s Supply to End Customer – Whether a post-sale discount is effectively a payment from the manufacturer for the dealer’s onward supply to the end consumer – In a principal-to-principal transaction, the dealer becomes the owner of the goods; the discount merely reduces purchase cost and is not an inducement for supply. However, Where the manufacturer has an agreement with the end customer for supply at a concessional rate, and issues credit notes to enable the dealer to pass on such benefit, the discount will be treated as consideration/inducement.
— Treatment of Discounts as Consideration for Promotional Services – Whether post-sale discounts represent consideration for promotional activities performed by dealers (e.g., sales drives, marketing support) – Ordinary discounts are not linked to any independent service; they are merely a reduction in purchase price. Therefore, it is clarified that post-sale discounts offered by manufacturers to dealers in such cases shall not be treated as consideration for a separate transaction of supply of services. However, where a dealer undertakes specific sales promotional activities, such as co- branding, advertisements, exhibitions, or customer support are expressly agreed with defined consideration, GST is payable on such services. In such cases, the dealer provides a distinct service to the supplier, and accordingly, GST would be chargeable.
(GST Circular 251/2025 Dated 12/09/2025)
NPPA order regarding revision the Maximum Retail Price (MRP) of medicines due to reduction in GST rates: The aim is to ensure that the benefit of tax cuts is passed on to consumers, in line with the Drugs (Prices Control) Order, which mandates that MRP of medicines are inclusive of all applicable taxes. It also clarified that recall, re-labelling, or re-stickering of unsold/released stock is not mandatory, but may be undertaken voluntarily by manufacturers subject to compliance with certain conditions.
(NPPA OM Dated 12/09/2025, revision OM Dated 13/09/2025)
GSTN, Advisory to file pending returns before expiry of three years: As implemented vide Notification 28/2023 dated 31st July, 2023, the taxpayers shall not be allowed file their GST returns after the expiry of a period of three years from the due date of furnishing the said return under Section 37 ( Outward Supply), Section 39 (payment of liability), Section 44 ( Annual Return) and Section 52 (Tax Collected at Source). These Sections cover GSTR-1, GSR-1A, GSTR 3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR 7, GSTR 8 and GSTR 9 or 9C. The said restriction will be implemented on the GST portal from September 2025 Tax period. Which means any return for which due date was three years back or more and hasn’t been filed till September Tax period will be barred from Filling. Hence, the taxpayers are once again advised to reconcile their records and file their GST Returns as soon as possible if not filed till now.
(GSTN Advisory Dated 09/09/2025)
AAR, ITC Allowed on Steel Supports for Cranes & HVAC, denied on Civil Works: Case of Shiboura Machine India Pvt Ltd, AAR Tamil Nadu Ruling Dated 2nd September 2025. AAR ruled that the Applicant would be eligible for input tax credit proportionate to the extent of steel structural support erected in relation to the secondary steel works that is attributable to the support of HVAC machine and overhead crane movement only, subject to fulfilment of conditions stipulated in Sections 17(5)(c) and 17(5)(d) of the CGST Act. The timeline to avail ITC on tax invoice raised by Supplier to bill ‘Advance Component’ of the contract is already covered under the provisions of Section 16(4) of the CGST Act, which stipulates that ITC shall be availed by the recipient before the thirtieth day of November following the end of financial year to which such invoice pertains or furnishing of the relevant annual return, whichever is earlier.
AAR, Consultation for outpatients exempt from GST but medicines taxable: Case of Theni Nattathi Kshatriya Kula Hindu Nadargal Uravinmural Dharma Fund, AAR Tamil Nadu Ruling Dated 2nd September 2025. AAR ruled that the consultation service provided to out-patients are exempted under Sr No.74 of Notification No.12/2017 (Rate) dated 28th June 2017. However, the medicines supplied to out-patients attract payment of GST. The ‘Consultation’ and ‘Supply of medicine’ to out-patients cannot be treated as a ‘Composite Supply’.
AAR, Ash bricks attract 12% GST with ITC or 6% without ITC: Case of SRS Industries, AAR Tamil Nadu Ruling Dated 1st September 2025. AAR ruled that the HSN code for Fly ash bricks is 6815 99 10 and the supplier of fly ash bricks has to pay the tax liability as per Sr No. 176B of Schedule II to the Notification No. 1/2017 (Rate) dated 28th June 2017. The overall applicable rate of GST is 12% (CGST 6% + SGST 6%) with the availment of ITC. The applicant can pay 6% GST (CGST 3% + SGST 3%) concessional rate without availment of ITC, abiding by the conditions prescribed in Notification 2/2022-Central Tax (Rate) dated 31.03.2022, as amended.
— The sale of fly ash bricks used in construction projects, including residential and commercial buildings subject to GST under normal taxation system or forward charge and not under reverse charge. The supplier of the fly ash bricks needs to pay GST. The fly ash bricks are not eligible for any special GST exemption or reduced rate when sold to Government or Public Sector Undertakings (PSU). The applicant is not eligible for Composition scheme as a manufacturer of Fly ash bricks.
AAR, ISD Registration mandatory for common ITC Distribution from 1st April 2025: Case of MRF Limited, AAR Tamil Nadu Ruling Dated 1st September 2025. AAR ruled that with the amendment to Section 2(61) and Section 20 of the CGST Act, being made effective from 1st April 2025 vide Notification No.16/2024 dated 6th August 2024, following the procedure for receiving and distribution of common input services in terms of Rule 54(IA) of the CGST Rules, is not consistent with the legal position from 1st April 2025. The applicant cannot continue to receive the Input Service Invoices issued by the Service Provider/Supplier of Service for the Common Input Service in the name ‘of and addressed to Applicant’s Regular Registration and subsequently transfer the same to MRF HO ISD Registration for subsequent distribution of the common Input Tax Credit through ISD Mechanism.
(AAR Tamil Nadu Ruling Dated 01/09/2025)
SC, No power to adjudicate ITC eligibility during refund proceedings: Case of Special Commissioner vs HYBON Technologies Private Limited, SC Judgement Dated 29th August 2025. The apex court upheld the HC decision that the authority under Section 16 of the IGST Act read with Section 54 of the CGST Act does not empower revenue officers to examine the admissibility of Input Tax Credit (ITC) while adjudicating refund claims.
SC allows GST refund for services provided to foreign universities: Case of Union of India vs KC Overseas Education Pvt Ltd, SC Judgement Dated 25th August 2025. The apex court held that services provided by Indian education consultants to foreign universities for facilitating student admissions, where the contractual relationship and consideration are directly between the Indian entity and the foreign university, do not qualify as “intermediary services” but instead constitute “export of services” under the IGST Act. Accordingly, such transactions are eligible for IGST refund under Indian GST law.
HC strikes down GST Circular restricting refunds: Case of Shree Arihant Oil and General Mills vs Union of India, HC Rajasthan Judgement Dated 8th September 2025. The case relates to section 54, Refund of tax-Input tax credit, Inverted duty structure, Notification 09/2022 dated 13th July 2022 applicable prospectively. The court held that refund cannot be denied for period up to 18th July 2022 and the circular restricting refund claims held arbitrary and violative of Article 14. The refund application filed within limitation period of two years cannot be rejected.
HC clarifies GST order validity, Email service & consolidated SCNs: Case of Rishi Enterprises vs Additional Commissioner Central Tax, HC Delhi Judgement Dated 20th August 2025. The court held that delay in uploading DRC-07 does not render GST order time-barred. The service by email is valid and consolidated SCNs for multiple years permitted in fraudulent ITC cases.
C. Central Excise
No Notification/ Circular during the week.
D. Custom Duty
Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver: CBDT notified the Tariff Values of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver, which shall come into force w.e.f. 09th September 2025. The tariff value for crude palm oil is set at USD 1060 per metric ton, while gold and silver have tariff values of USD 1157 per 10 grams and USD 1257 per kilogram, respectively. The tariff value for areca nuts is fixed at USD 7463 per metric ton.
(Customs Notification 53/2025 (NT) Dated 08/09/2025)
CBIC notifies New Customs Station in Dalpatpur, Moradabad: The notification designates Dalpatpur in Moradabad, Uttar Pradesh, as a new customs station. This designation allows for the unloading of imported goods and the loading of export goods at this location.
(Customs Notification 54/2025 (NT) Dated 10/09/2025)
Customs Finalisation of Provisional Assessment Regulations: The Customs (Finalisation of Provisional Assessment) Regulations have been notified. These regulations supersede the 2018 rules and outline procedures for handling provisional assessments. They apply to all pending and future provisional assessments and define timelines for submission of documents and completion of enquiries.
(Customs Notification 55/2025 (NT) Dated 12/09/2025)
Strengthening Trade Facilitation through Institutionalised Consultation Mechanisms: CBIC has reviewed the composition and functioning of Customs Clearance Facilitation Committees (CCFCs) and Permanent Trade Facilitation Committees (PTFCs). This circular consolidates and supersedes earlier guidelines to realign these committees besides taking measures keeping in view current priorities of consultative decision- making, stakeholders’ engagement and grievance redressal, and integration with national trade facilitation objectives.
(Customs circular No. 21/2025 Dated 12/09/2025)
Implementation of Customs Provisional Assessment Regulations: The circular issued by CBIC provides the procedures and guidelines for implementation of Customs Provisional Assessment Regulations.
(Customs circular No. 22/2025 Dated 12/09/2025)
Exemption from Quality Control Order (QCO) On import of Aerospace Grade Hydrogen Peroxide for Non-Commercial R&D application: It has been informed by the Ministry of Chemicals and Fertilizers that the Indian Standard does not include any categorization or specification for Aerospace Grade Hydrogen Peroxide for space R&D. Accordingly, it has been decided to grant exemption on the import of Aerospace Grade hydrogen for non- commercial R&D applications from Hydrogen Peroxide (Quality Control) Order. The officers under your jurisdiction be sensitized accordingly.
(Customs Instructions No. 29/2025 Dated 12/09/2025)
SC, MEIS benefits cannot be fatal merely due to inadvertent mistake of procedure: Case of Shah Nanji Nagsi Exports Pvt ltd vs Union of India, SC Judgement Dated 19th August 2025. The apex court held that once exports are genuine and fall within the notified category, inadvertent mistakes of procedure cannot be treated as fatal, especially where they are corrected under statutory authority. Accordingly, benefit of MEIS allowed.
E Directorate General of Foreign Trade (DGFT)
Amendment in Export Policy of Animal By-Products: The notification inserts a new policy condition for the export of raw materials used in pet food production. These materials, including meat, offal, bones, and other organs, must be sourced from integrated abattoirs or municipal slaughterhouses registered with APEDA. The raw materials are required to undergo post-mortem inspection and segregation by a designated veterinary authority to ensure their suitability for non-human consumption. A certificate to this effect must be issued by veterinarians registered under the Indian Veterinary Council Act, who are employed by the slaughtering unit and supervised by the state/UT’s veterinary authority.
(DGFT Notification 29/2025 Dated 08/09/2025)
Ease of procedures for Duty Free Import Authorisations (DFIAs) by providing Online Correction facility: The Public Notice amends Para 4.53 of the Handbook of Procedures (HBP), by inserting sub-para 4.53(e) to permit system-related corrections in unutilized and un-transferred Duty Free Import Authorisations (DFIAs). These corrective amendments, covering unit of measurement, ITC HS code of import items, and item value, must be filed online through ANF 4G.
(DGFT Public Notice 22/2025 Dated 09/09/2025)
F. Securities and Exchange Board of India (SEBI)
Amendments to SEBI Alternative Investment Funds Regulations: The amendments define and establish a framework for ‘co- investment schemes’, allowing accredited investors of Category I and II AIFs to invest alongside the main fund in unlisted companies. These schemes require filing a shelf placement memorandum, are restricted to a single investee company per scheme, and must ensure co-investor terms are not more favourable than the AIF’s, with identical exit timings. The Angel Funds, which are now re-categorized under Category I AIFs. They are restricted to raising capital only from ‘accredited investors’. The regulations remove the minimum investment ticket for investors in an Angel Fund but set new investment limits for the fund into any single start up, ranging from Rs 10 lakh to Rs 25 crore.
(Link: SEBI Notification Dated 08/09/2025)
Amendments to SEBI Issue of Capital and Disclosure Requirements (ICDR) Regulations: The amendment provide that before filing a draft offer document, shares held by a wider range of stakeholders, including promoters, directors, key managerial personnel, senior management, and employees, must now be in dematerialized form. The regulations also refine the framework for the Social Stock Exchange (SSE), updating definitions for social enterprises, clarifying registration requirements for trusts and charitable societies, and setting new conditions for Not for Profit Organizations, which must raise funds for a listed project within two years of registration.
(Link: SEBI Notification Dated 08/09/2025)
Amendments to SEBI Employees Service Regulations: The amendments primarily change the recruitment and service conditions for the post of Executive Director. The changes include adding ‘Litigation’ to the title for Executive Director (Law) and inserting a new position, Executive Director (Information Technology). The regulations now specify that promotions for these roles will come from relevant streams. The amendment also revises the hiring criteria for Executive Director posts, stating that internal candidates through promotion will fill the majority of the positions, with no more than three posts being filled via deputation or contract.
(Link: SEBI Notification Dated 08/09/2025)
Amendments to SEBI Share Based Employee Benefits and Sweat Equity Regulations: The key change introduced is the insertion of a new Regulation 9A in the existing 2021 framework. The employees who are identified as promoters or part of the promoter group in the draft offer document for an initial public offering (IPO) will now be allowed to continue holding or exercising stock options, stock appreciation rights (SAR), or other benefits that were granted at least one year before the draft offer document was filed with SEBI.
(Link: SEBI Notification Dated 08/09/2025)
Amendments to SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations: The amendment provides that a listed company must now issue securities in dematerialised form for any scheme of arrangement, sub-division, split, or consolidation, with a new demat account to be opened for investors who do not have one. The rules for Not-for-Profit Organizations (NPOs) on the Social Stock Exchange have also been updated. NPOs must now submit financial disclosures by 31st October and non-financial disclosures within 60 days of the financial year-end. It also states that NPOs registered on the Social Stock Exchange can operate without raising funds for up to two years, after which they must have at least one listed project.
(Link: SEBI Notification Dated 08/09/2025)
Revised regulatory framework for Angel Funds under AIF Regulations: The key changes require all Angel Funds, both new and existing, to raise capital from accredited investors. It also specify that Angel Funds must declare their first close within 12 months of SEBI’s communication, and they no longer need to file separate scheme documents or term sheets with SEBI. Instead, they must maintain internal records of term sheets for each investment. The revised framework allows for follow-on investments in existing companies, setting a cap of ₹25 crore per company and a one-year lock-in period, which is reduced to six months for third-party sales. it also reclassified all Angel Funds as a direct sub-category of Category I AIFs and has updated the requirements for annual audits and performance reporting.
(Link: SEBI Circular Dated 10/09/2025)
Ease of regulatory compliances for FPIs investing only in Government Securities: The circular simplifies the compliance process for Foreign Portfolio Investors (FPIs) who invest exclusively in Government Securities (GS-FPIs). The key changes include exempting GS-FPIs from providing detailed investor group information and from the need to inform SEBI of certain changes in their information, except for material changes. Also, the requirement for a declaration of no changes during the three-year registration renewal period will not apply to GS-FPIs. It also simplifies the KYC review process, aligning its periodicity with the FPI’s bank account KYC cycle as prescribed by the Reserve Bank of India. A new mechanism is also established for FPIs to easily transition between being a regular FPI and a GS-FPI, and vice versa.
(Link: SEBI Circular Dated 10/09/2025)
Framework for AIFs to make co-investment within the AIF structure under Alternative Investment Funds Regulations: The amendment allows Category I and II AIFs to launch co- investment schemes (CIV schemes) for accredited investors, in addition to the existing co-investment route through Portfolio Managers under SEBI Portfolio Managers Regulations. Co-investments by an investor across CIV schemes are capped at three times their contribution in the main AIF scheme, except for certain exempted institutional investors such as sovereign wealth funds and development financial institutions. The restrictions are placed on ineligible investors, leverage indirect exposures, and regulatory compliance to ensure alignment with the AIF Regulations.
(Link: SEBI Circular Dated 09/09/2025)
Format of Disclosure Document for Portfolio Managers simplified: The new provisions divides the Disclosure Document into two parts: a ‘Static’ section and a ‘Dynamic’ section. The Static section includes 11 parameters that do not change frequently, such as definitions, risk factors, services offered, and expense details. The Dynamic section covers five parameters that require regular updates, including client representation, financial performance, and audit observations. A key procedural change is that whenever information is updated, only the specific pages containing the changes need to be certified by an independent Chartered Accountant and the Portfolio Manager Principal Officer.
(Link: SEBI Circular Dated 09/09/2025)
G. Ministry of Corporate Affairs (MCA)
Amendments to Companies Compromises, Arrangements and Amalgamations Rules: The amendments expand the ambit of fast-track mergers under Section 233 of the Companies Act. It is intended to ease restructuring, reduce dependence on the National Company Law Tribunal (NCLT), and shift simpler schemes to an administrative route through the Regional Director (RD). It widen eligibility for the fast-track route. Besides small companies and wholly-owned subsidiaries, unlisted companies with debt not exceeding ₹200 crore and no repayment default may now use this process, subject to auditor certification (Form CAA-10A). Mergers between holding and subsidiary companies, whether listed or unlisted, are also permitted, except where the transferor is listed. Fellow subsidiaries under a common holding company are now eligible, provided the transferors are unlisted. Finally, inbound cross-border mergers are expressly included, enabling a foreign holding company to merge into its Indian wholly owned subsidiary.
— The procedural framework has also been strengthened. Companies regulated by RBI, SEBI, IRDAI, or PFRDA must now serve notices of the scheme in Form CAA 9 to the relevant regulator, and listed companies must notify stock exchanges. Objections or comments received from these bodies must be addressed and disclosed when the scheme is filed before the RD. The transferee company is required to file the approved scheme, together with Form CAA 11, within fifteen days of the conclusion of members’ and creditors’ meetings. A notable change is the extension of the fast-track process to schemes of division or transfer of undertakings, which broadens the mechanism beyond amalgamations.
(Link: MCA Notification Dated 04/09/2025)
H. Insolvency and Bankruptcy Board of India (IBBI)
NCLAT, Operational debt doesn’t include interest unless payable in terms of any agreement: Case of Paresh K Mehta Investment Pvt Ltd vs State Bank of India, NCLAT Delhi, Judgement Dated 18th August 2025. The appellate tribunal held that operational debt in terms of Insolvency and Bankruptcy Code does not include interest unless interest is payable in terms of any agreement among parties. Here, since there is neither any agreement nor any clause for interest in invoice, the operational creditor is not entitled for interest.
NCLAT, Statutory right of Financial Creditor under section. 7 of IBC cannot be curtailed due to pending OTS proposal: Case of Rajendra Kumar Pahwa vs Canara Bank, NCLAT Delhi, Judgement Dated 3rd September 2025. The appellate tribunal eld that the statutory right of a Financial Creditor bestowed under section 7 of the IBC cannot be curtailed to any ‘Inter-Creditor Agreement’ or Consortium agreement executed between the lender banks, as the same was only for regulating the inter-se affairs of the consortium and the OTS proposal cannot be claimed by a borrower as a matter of right.
IBBI suspends insolvency Professional over EMD Forfeiture: It was found that IP Mr Subburengan Hari Karthik, improperly forfeited an Earnest Money Deposit (EMD) of ₹2 crore during the liquidation process. His actions went beyond the conditions outlined in the Expression of Interest and process documents, which specified that the EMD could only be forfeited under specific circumstances like default or non-payment of the upfront amount, not for expenses incurred due to subsequent litigation. The Disciplinary Committee suspended his registration for a period of one year.
(Link:IBBI ED & FAA Order Dated 10/09/2025)
I. Reserve Bank of India (RBI)
Launch of Microsite for Banknotes: RBI has launched a new microsite for banknotes. It provides members of the public, a platform to access information on banknotes such as details of the design and security features through a 360-degree view of the banknotes, multimedia (video, audio and animation), interactive games etc. with simple and efficient navigation. The microsite also has a dedicated section for information on exchange of banknotes.
(RBI Press Release Dated 10/09/2025)
J. Miscellaneous
SC, Cash payments in Promissory Note are enforceable: Case of Georgekutty Chacko vs Mn Saji, SC Judgement Dated 1st September 2025. The apex court held that courts cannot reduce the decretal amount merely because a portion of the consideration was paid in cash without documentary evidence. The judgment establishes that the absence of documentary proof for cash transactions does not negate their validity, particularly when supported by an executed promissory note that remains undisputed. The Court emphasized the practical reality of cash components in financial transactions and shifted the burden of proof to the debtor to disprove the transaction rather than requiring the creditor to provide documentary evidence for cash payments.
HC affirms disallowance of delayed deposit of employees PF/ESI contributions: Case of Woodland (Aero Club) Private Limited vs ACIT, HC Delhi Judgement Dated 8th September 2025. The Court held that employees contribution to Employees Provident Fund (EPF) or Employees State Insurance (ESI) is to be made on or before statutory due date set out in respective EPF/ESI Act. Accordingly, order of ITAT disallowing deduction u/s. 36(1)(va) of the Income Tax Act justified.
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Compiled by:- CMA Yash Paul Bhola, MBA, FCMA. Former Director (Finance), National Fertilizers Limited.
Disclaimer: The contents of this article are for informational purposes only. The user may refer to the relevant notification/ circular/ decisions issued by the respective authorities for specific interpretation and compliances related to a particular subject matter)
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