Late deposit of Employees Provident Fund prior to 01-4-2021 will not attract any disallowance- ITAT Hyderabad

Valuemomentum Software Services Private Limited Vs DCIT (ITAT Hyderabad) Hon’ble Hyderabad ITAT has in the case of Value Momentum Software Services Private Limited in I.T.A. No. 2197/HYD/2017 has held that late deposit of Employees Provident Fund prior to 01-4-2021 will not attract any disallowance as the explanation inserted by Finance Act,2021 in section 43B and Sec 36(va) has prospective effect and the same will be applicable only from 01-04-2021 as written in the memorandum to the Finance Act 2021 and has further stated that the legislature itself has condoned the defaults done prior to ...