Akhil.Gupta
Hr Professional With 8 Years Of Exp.
K.P.Mohanasundaram
Manager - Administration & Hr
Klepakshi1967@yahoo.com
Sr Manager Hr & Administration
N.Mohan
Hr Professional
GMKUMAR
Visakhapatnam
Chandrani Ghose
Pf Consultant
+8 Others

Thread Started by #rao_rama

Dear All ,
Need some info.One of our client has EPF and ESI dues for 8 months.They want to clear it.My questions are...
1.What is the penal interest & damages they need to pay in case of PF
2.What is the interest rate & damages for ESI.
Waiting for response from the professionals.
Thanks
Rao
21st May 2012 From India, Hyderabad
Dear Mr.Rao,
Penal Interest under section 7Q:
# No.of days delayed in making payment x 12% p.a
Penal Damages under section 14B:
# No.of days delayed in making payment x 5% p.a (Less than 2 months)
# No.of days delayed in making payment x 10% p.a (2 months and above but less than 4 months)
# No.of days delayed in making payment x 15% p.a (4 months and above but less than 6 months)
# No.of days delayed in making payment x 25% p.a (6 months and above)
I have attached worksheet for the above....
23rd May 2012 From India, Erode

Attached Files
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File Type: xls EPF Damages Calculation.xls (22.0 KB, 29894 views)

Is EPF Penal interest calculation and ESI penal interest calculation is same of different and if different please update me with that calculation
21st November 2012 From India, Gurgaon
Dear Sir, Thank U very much. It is very useful to calculate the damages & interest. I have calculated & given to management, as i was under pressure. Ravi
7th February 2013 From India, Mumbai
ESI INTEREST AND DAMAGE FOR LATE PAYMENT as PF-

EMPLOYEES STATE INSURANCE CORPORATION

PANCHDEEP BHAWAN CIG ROAD NEW DELHI





No. T-11/13/8/2001 Rev. I Dated: 8.2005



MEMORANDUM



Sub: Reduction in rate of interest payable for delayed payment of contribution � Amendment of Reg. 31-A of ESI (Genl.) Regulations, 1950.



Sub-Section (5) of Section 39 of the ESI Act 1948 provides that if any contribution payable under this Act is not paid by the Principal Employer on the date on which such contribution has become due, he shall be liable to pay simple interest @12% per annum or at such higher rate as may be specified in the Regulations, till the date of its actual payment.



Provided that higher interest specified in the Regulations shall not exceed the lending rate of interest charged by any scheduled bank.



The interest rate on commercial advances is fluctuating. The rate of interest being charged by the ESI Corporation on delayed payment of contribution is, therefore, more than the rate of interest being charged for commercial advances as well as lending rate of interest charged by the scheduled banks.



Now it has been decided by the Corporation that an employer who fails to pay contribution within the periods specified in Regulation-31 shall be liable to pay simple interest @12% per annum in respect of each day of default or delay in payment of contribution. In this connection, a proviso to Reg. 31 of the ESI (Genl.) Reg. 1950 has been added and notified in the Gazette of India, Part III, Section 4 vide letter No. N-12/13/1/2005 P&D dated 6.7.2005 effective from 1.10.2005.

� In Regulation 31-A of the ESI (General) Reg. 1950, the words �15% shall be substituted by the words �12%�.

The above notification was circulated vide Hqrs. letter No. N-12/13/1/2005 P&D dated 12.8.2005.



It is, therefore, requested that on all delayed payments of contribution, the interest may be charged @ 12% per annum with effect from 1.10.2005.



This issues with the approval of Insurance Commissioner.

Please acknowledge receipt.

Hindi version will follow.





(V.V.S.P. Ramachandra Rao)

JOINT DIRECTOR (Rev.)







To

The Regional Director/Director/ Joint Director I/c

Regional Office/Sub-Regional Office

ESI Corporation

�__________________









Copy to:

All Joint Director (F)/Dy. Director (F), RO/SRO _________________

Joint Director (Vig.) NZ/SZ/WZ/EZ

All Officers at Hqrs. office.

All Branches at Hqrs. office.

Guard File.









JOINT DIRECTOR (Rev.)

DAMAGE :-

# No.of days delayed in making payment x 5% p.a (Less than 2 months)

# No.of days delayed in making payment x 10% p.a (2 months and above but less than 4 months)

# No.of days delayed in making payment x 15% p.a (4 months and above but less than 6 months)

# No.of days delayed in making payment x 25% p.a (6 months and above)
7th February 2013 From India, Kota
Do you need more clarification on the above subject? I can help you with free of cost Lakshminaryana 9866917232
7th February 2013 From India, Hyderabad
i am new to this field so kindly heip me about Account 21, Account 22, Account10?
18th August 2015 From India, Vijayawada
Dear Members.
I have made late payment of EPF for many members of my small firm. This was due to an accounting glitch as many new members were not on-boarded in our internal EPF tracker and hence we forgot to pay EPF for them for several months. It has been corrected now and PFs for old months have been paid. Do I need to pay both interest(7Q) and damages (14B)? Or can I just pay the interest component (12% under 7Q) since we discovered the mistake ourselves and have corrected it now.
Thanks for you help.
19th May 2016 From India, Delhi
Our establishment is a partnership firm. The said firm closed all its activities since 2013. We have been alloted provident fund registrattion which we want to cancel/de-register. Kindly give us the procedure and the formalities
Thanking you.
Rushikesh
29th September 2016 From India, Pune
#Anonymous
Thanx alot for the calculation sheet sir. it is very useful.
20th October 2016 From India, Mumbai
Dear All,
I have a Export house where damages case of EPF lodged my company . I appeared in case on time continually extend the deposit date . Now i want to close this case without paying my damages amount or can the amount being reduce . Please guide me i details else call me at 7503933315 if thing more if you want .......
3rd February 2017 From India, Delhi
#Anonymous
Dear All
Kindly assist me on below issue.
As per new notification of ESIC, whosoever G.Salary is upto 21,000/- are covered under this scheme. So how new applicable employee( >15k & <21k) could be benefited from this. Is they applicable from the first day, when new notification is in practice or is there any waiting period.
Please suggest
Thanks
T. Shukla
19th February 2017 From India, Delhi
Dear Members, I am looking for rate slab for PF Interest and damage charges prevailing and also prior to september 2008. It is more useful, if there is any notification copy. Request for help.
24th April 2017 From India, Bangalore
Thank you so much calculation sheet
29th July 2017 From India, Chennai
EPF Penal Damages A/c No.1 Contributions , has to be added employer and employee contribution or only employee contribution. Pls guide me.
30th August 2017 From India, Chennai
Dear All ,
Need some info.One of our client has EPF and ESI howto file nill return
26th September 2017 From India, Visakhapatnam
How to calculate epf & esi contributions pleasetellme
26th September 2017 From India, Visakhapatnam
I have a small confusion about damage calculation in EPF act. Pl check the following and let me know which one is correct method for 190 days.
Method I : If the contribution for a month is Rs.20000/-
20000 x 25% /365 x 190 = 2603.00
=======
Method 2:
20000 x 5% / 365 x 60 days = 164.00
20000 x 10% /365 x 60 days = 329.00
20000 x 15% /365 x 60 days = 493.00
20000 x 25% /365 x 10 days = 137.00
-----------
total 1123.00
======
Any one please clarify.
Regards
A.Karthikeyan
14th November 2017 From India, undefined
To Mr KPMS
Unable to understand the excel file regarding calculation of damage under Sec 14b
will be grateful if you can clarify the factor which is multipled ie 25.605% and why the factor is being deducted or added
Regards
Chandrani
16th November 2017 From India, Kolkata
Dear All,
Please provide us the details regarding late payment of ESIC contribution and what is the rate of %.
Regards
Bibhuti
6th January 2018 From India, Delhi
please provide epfo dues format
25th January 2018 From India, Mumbai
IF ESIC INTEREST FOR DELAY PAYMENT IS LESS THAN 100 Rs THEN HOW WE CAN PAY ONLINE ?
11th August 2018 From India, Gurgaon
Sir
epf late payment challan calculation kaise kare
7th May 2019 From India, New Delhi
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