Annual settlement of pf
This query is : Resolved
17 July 2013
Dear sir,
our company is liable to pay pf from Feb'12 to March'13 is there any possible to pay in 2 or 3 intallments and how much is the penality for late payment?
our company is liable to pay pf from Feb'12 to March'13 is there any possible to pay in 2 or 3 intallments and how much is the penality for late payment?
17 July 2013
Penalty will be charged at the time of inspection by the PF officials.
Interest- Section 7Q
The employer shall be liable to pay simple interest at the rate of 12% pa or at such higher rate as may be specified in the schemme
on any amount due from him under this Act from the date on which the amount has become due till the date of its actual payment.
Penalty-Section 14B
Power to recover damanges- Where an employer makes default in the payment of any contribution to the fund, the pension fund or
the insurance fund or in the transfer of accumulations required to be transferred by him under sub-section 2 of section 15 or
sub-section 5 of section 17 or in the payment of any charges payable under any other provision of this act or of any scheme or
Insurance scheme or under any of the conditions specified under sec 17,the Central Provident fund commissioner or such other
officer as may be authorised by the Central government, by notificaiton in the official gazettee, in this behalf may recover
from the employer by way of penalty such damages, not exceeding the amount of arrears, as may be specified in the scheme.
Interest- Section 7Q
The employer shall be liable to pay simple interest at the rate of 12% pa or at such higher rate as may be specified in the schemme
on any amount due from him under this Act from the date on which the amount has become due till the date of its actual payment.
Penalty-Section 14B
Power to recover damanges- Where an employer makes default in the payment of any contribution to the fund, the pension fund or
the insurance fund or in the transfer of accumulations required to be transferred by him under sub-section 2 of section 15 or
sub-section 5 of section 17 or in the payment of any charges payable under any other provision of this act or of any scheme or
Insurance scheme or under any of the conditions specified under sec 17,the Central Provident fund commissioner or such other
officer as may be authorised by the Central government, by notificaiton in the official gazettee, in this behalf may recover
from the employer by way of penalty such damages, not exceeding the amount of arrears, as may be specified in the scheme.
30 July 2013
Thank you for your reply it is really very helpful to us recently we received a notice from PF office saying that
"As regards the continuing default in payment of dues, we would request you to make an immediate payment of the same and submit the relevant challan and returns. Please note that if dues for more than one month are in default, Please use separate challan for payment and form 12A for each month for return filing purposes"
Please help out how to calculate interest for each month and what is the procedure to follow?
"As regards the continuing default in payment of dues, we would request you to make an immediate payment of the same and submit the relevant challan and returns. Please note that if dues for more than one month are in default, Please use separate challan for payment and form 12A for each month for return filing purposes"
Please help out how to calculate interest for each month and what is the procedure to follow?
30 July 2013
Pay PF as per monthly calculation and remit it in seperate challan for each month PF. Along with this attach Form 12A and return the filing. No need to calculate interest. Once PF office reconcile your payment, they will send another notice to pay interest and penalty.
If you still need interest calculation sheet, email me @anbuvi2002@yahoo.co.in
If you still need interest calculation sheet, email me @anbuvi2002@yahoo.co.in
30 July 2013
Thank you so much sir for your prompt and clear answer to our query can you please explain how to fill form 12A as it shows to give personal information-it is to be filled for each individual employee. Please clarify us.
30 July 2013
To my knowledge, no need to fill form 12A, 5 & 10. You can do e-filing in PF website for each month payment. Get userid and password to access epf employer login
30 July 2013
But there is specified in pf notice to submit form 12A.So please clarify whether submit or not
30 July 2013
May be its a old format letter. now a days we need to submit it electronically. If you still have doubt, call and speak with PF office. Surely they will help without any hesitattion.
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