Balaji KaleCan anybody guide as regards to calculation of interest on Maharashtra labour welfare fund.
From India, Pune
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as i assume that you have not paid the half yearly contribution for Maharashtra labour welfare fund and now you want to pay.so it is apprise to you there is no penal interest on the same.
From India, Nagpur
suresh2511Dear Balaji Kale,
Just pay the current contribution as per the attached form-cum-return and forget about interest.
Labour Welfare Commissioner's office will intimate you, if at all they want to charge you interest.
Pls send the LWF contribution cheque by courier or post.
From India, Thane
Balaji KaleI Called upp the mumbai office and clarified the interest on maharashtra labour welfare fund.
as per the rules for june , one need to pay the contribution charges before 15th august.
from 16 august you need to pay 1.5% extra for next three months "each" .
after three months you need to pay 2% extra on all above charges on monthly basis.
for e.g. i m paying the june 17 contribution in january 18 in this case
contribution amount x 1.5% for 1st month after 15th aug. i.e. 16 th aug to 16th sept 1.5%
2nd month 16 sept to 16 oct = + contri amt + 1.5% of aug x1.5%
3rd month 16 oct to 16 nov = contri amt + earlier interst amt of two month x 1.5%
4th month 16 nov to 16 dec = contri amt + interst of 3 months x 2%
5th month 16 dec to 16 jan = contri amt + earlier interest of 4 months X 2%
that is how you need to calculate the interest and pay
hope that suffices the querry in case any body has
From India, Pune
powercubeDear Balaji kale,
I am not so sure as whether the calculation of interest is correct. As per calculation indicated by you, the interest is COMPOUNDED on a MONTHLY BASIS. We have received a notice for June 2017, dated 16/12/2017, in which the interest amount is shown as Rs. 82/- on a contribution amount of Rs. 960/- . From the amount shown, it seems that the rate of interest is 1.5% for first 3 months & 2% per month thereafter.
From India, Mumbai