Provident fund

This query is : Resolved

Prasad (Querist)
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14 March 2013 I have read the earlier posts by experts that if a PF cheque is issued / Deposited in the Bank within the due date, it is considered that the PF amount is paid in time.

However reading through the PF Act and couple of judgements could not find any such mentions, where it says that if cheque deposited within the due it is considered paid within due date.

Santosh Mishra

Santosh Mishra (Expert)
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14 March 2013 It is taken as date on which cheque has been cleared or debited to your bank account.

This date is also stamped by SBI on challan.

Prasad

Prasad (Querist)
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14 March 2013 We have cases where we have deposited on the 15th Chq clearing on 17-18, but receipt stamp is on 21-22. what happens in this scenario. It actually is not our mistake

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CA Prashant Gupta

CA Prashant Gupta (Expert)
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14 March 2013 agree with Santosh, when cheque is cleared that date is used for depositing PF
so if reciept stamp is of 21-22 then it is late deposit of PF because it is 15

talk to bank why they took so long to clear the cheque
its not your fault but as per rules you deposit PF late

CA Ayush Agarwal

CA Ayush Agarwal (Expert)
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15 March 2013 from 29.03.2010 the rules has been changed and now date of realisation of cheque/draft will be deemed date of deposit of PPF.

Read With Circular No. DGBA.CDD. H-7530/15.02.001/2009-10, dated 29-3-2010.

Secondly, In Your Next Comment, Receipt Stamp is 3-4 Days After i.e 21-22, Its Normal case, They Usually Stamp 3-4 Days Later, No Issues.
if you are Claiming Exemptions and Deductions then check when your cheque is realised.

Thanks.