in a pvt. ltd concern, payment of PF & ESI, cleared after due date from bank. it happened in 7 months of financial year. PF dept. has charged interest on late payment as it is online now. and damages for late paymet of ESIC has also paid.
During the process of balance sheet finalization, CA said that employer contribution to ESIC and PF will be disallowed on the ground of late payment and it will be add back to profit.
20 September 2013
Thanks for your reply, contribution for the month is required to be paid by 20th of every month and it was paid late, but paid in same month, means by 30th of month. Ex- payment of esic and pf for the month of june was need to deposit by 20th july, but cheque cleared on 26th of july from our bank.
in that case will the contribution be disallowed and added to profit.
CAclubindia
