S ELAVARASI (ACCOUNTANT) (2975 Points)
21 June 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(168968 Points)
Replied 21 June 2018
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Retirement fund body Employees’ Provident Fund Organisation (EPFO) has reduced interest rate on deposits to 8.55 percent for the financial year 2017-18, from earlier rates of 8.65% for 2016-17 and 8.8% in 2015-16.
S ELAVARASI
(ACCOUNTANT)
(2975 Points)
Replied 21 June 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(168968 Points)
Replied 21 June 2018
Due Date to Deposit EPF 2017
i. Due Date to Deposit EPF (Employee Provident Fund) for the Month is 15th of next month
Penalty Provision in respect of delay in payment of P.F. dues
· For 0-2 months delay- @ 5% p.a.
· For2-4 month delay- @ 10% p.a.
· For 4-6 month- @ 15% p.a.
· For delay above 6 month- @ 25 % p.a.(Subject to a maximum of 100 %)
ii. Deposit dues in time- avoid penal damages
Due Date to Deposit ESI 2017 (15th of next month)
Due Date to Deposit ESI (Employee Provident Fund) is 15th of next month
Provision for interest on late payment of ESI
Section 39 (5) (a): If any contribution payable under this act is not by the principal employer on the date on which such contribution has become due, he shall be liable to pay simple interest at the rate of twelve per cent a annum or at such higher rate as may be specified in the regulations till the date of its actual payment:
· 1-10-2005 onwards: 12 % p.a.
The following rates by way of penalty, not exceeding the amount of arrears
Period of delay amount Maximum rate of damages in
% per Annum of the
· For 0-2 month delay – @ 5% p.a.
· For2-4 month delay – @ 10% p.a.
· For 4-6 month – @ 15% p.a.
· For delay above 6 month – @ 25 % p.a.(Subject to a maximum of 100 %)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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