Overpaid PF Contribution: How Can I Fix This Without Affecting the Employee?

carmelshyam
One of our employees worked only for 20 days in the month of June and resigned. His basic salary is 20,000 INR. Therefore, in July, when I paid his salary, I only paid 13,333 INR as the basic salary. Unfortunately, I mistakenly paid his Provident Fund (PF) contribution as 2,400 INR instead of the correct amount of 1,560 INR. How can I rectify this mistake? Can I adjust his future salary to compensate for the excess PF payment so that the employee does not incur any losses? Are there any statutory issues I should be aware of?

Please advise me.

Regards,
Mt. Carmel
gawalipankaj
Dear Carmel,

You can deduct the extra amount from next month's challan, but remember to adjust this amount in your annual return.

Pankaj
Roopapavan
Hi Mt. Carmel,

Yes, you can adjust the excess amount remitted in the subsequent month PF Contribution. While doing so, simply modify Form-12A accordingly.

1. Actual Amount: Rs. 5600/-
Roopapavan
Yes, you can adjust the excess amount remitted in the subsequent month's PF Contribution. While doing so, just modify Form 12A accordingly.

1. Actual Amount Rs. 5,600/-, Remitted Rs. 6,600/- (July, 10) - Form 12A
2. Actual Amount Rs. 5,600/-, Remitted Rs. 4,600/- (Aug, 10) - Form 12A

Should you have any queries, please call me at [Phone Number Removed For Privacy Reasons].

Regards,
Pavan Kumar
vidhyamsw87
Dear all,

Can anyone please help me understand the procedure to follow after receiving Form 16A in TDS? Whom do I need to submit it to?

Regards,
Vidya
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