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of <h1>Timely Deposit of Employee Contributions Crucial for Deductions Under Section 36(1)(va) of Income Tax Act</h1> Under Section 36(1)(va) of the Income Tax Act, any sum received by an employer as an employee's contribution to welfare funds like Provident Fund or ESI is considered business income. Deductions are allowed if these sums are credited to the employee's account by the due date. Failure to deposit these contributions on time results in the loss of deduction eligibility, even if paid later. This rule does not apply to employer contributions, which can be paid up to the tax return filing date. Tax auditors must ensure timely deposits and report any delays in Form 3CD. Relevant case laws emphasize strict adherence to due dates.
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