Employee PF/ESI Disallowed if Deposited Beyond Statutory Due Dates

Yes Bank Limited Vs ACIT (Appeals) (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai Bench recently ruled that employee contributions to Provident Fund (PF) and Employees’ State Insurance (ESI) are not deductible if deposited beyond the statutory due dates prescribed by their respective Acts, even if these payments are made before the due date for filing the income tax return. This decision, in the case of Yes Bank Limited vs. ACIT (Appeals), aligns with a definitive Supreme Court judgment on the matter. The dispute arose during the processing of Yes Bank’s income tax return fo...