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of <h1>Finance Bill 2021-22 amends Income Tax Act to clarify employee contribution rules, emphasizing timely deposit by employers.</h1> The Finance Bill 2021-22 proposes amendments to clarify the treatment of employee contributions to welfare funds. Clause (va) of Section 36 of the Income Tax Act is amended to specify that Section 43B, which allows deductions upon actual payment, does not apply to employee contributions. This distinction emphasizes that employee contributions are held in trust by employers and must be deposited by the due date to avoid misuse. The amendments, effective from April 1, 2021, aim to prevent employers from unjustly benefiting from delayed deposits of employee contributions, reinforcing compliance with labor welfare laws.
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