The 15th of every month is the last day to deposit PF for the previous month. Due to some reason, although we issued a cheque on 15/11/2012, we could not deposit it. We are planning to deposit it on 16/11/2012.
Could you please inform us about the possible problems we might face? Do we need to pay any penalty for the delay of one day? What will be the immediate effects or implications at the time of annual returns?
Your prompt response is highly appreciated.
Regards,
Geet
From India, Mumbai
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4Could you please inform us about the possible problems we might face? Do we need to pay any penalty for the delay of one day? What will be the immediate effects or implications at the time of annual returns?
Your prompt response is highly appreciated.
Regards,
Geet
From India, Mumbai
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Hai If Chq Payment 5 Days Grace Period Will Be There so Before 20Th Chq Should Get Cleared.
From India, Bangalore
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From India, Bangalore
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As you know, the 15th is the last due date to submit EPF contributions. However, if you have a valid reason for submitting late, you may be excused because after the 15th, six grace days are given. This means you can submit the challan until the 21st, but not every month. That's why you shouldn't worry.
Regards,
Geet
From India, Delhi
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Regards,
Geet
From India, Delhi
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Hellow You Can See IT Act Manual It is Clear That Pf Payment is 15 Th Last Date and Grace Period Is 5 Days Because of Chq Payment ie,,. 20 Th Last .
From India, Bangalore
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From India, Bangalore
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The 15th Nov. being closed for Banks you are well within the grace period. No penalty. No effect anywhere.
From India, Jaipur
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From India, Jaipur
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there is a grace period of 5 days i e upto 20th in case it could not be deposited by 15 th. A K Chandok RPFC (Retd.) www.akchandok.com
From India, Chandigarh
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From India, Chandigarh
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One more thing I would like to add here... Please do not be so afraid of these petty issues, whether 1 day late or 10 days late. In my 15 years of experience, I have observed that the ground reality is that the PF authorities' focus during inspections is usually elsewhere rather than on your late contributions. However, I would still appreciate it if you adhere to your own compliance management and meet the deadlines.
Wishing you the best of luck!
Regards,
RK
From India, Mumbai
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Wishing you the best of luck!
Regards,
RK
From India, Mumbai
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The normal grace period is 4-5 days only, but not for frequent delays. Upon submission after the due date, the department's computer starts calculating interest based on penalty clause 7Q and damages under 14B. Moreover, if the payment is further delayed beyond the grace period, the Income Tax department begins imposing penalties during the account scrutiny. This implies that penalties are applicable from both sides. Therefore, it is advisable to make payments within the stipulated time to avoid any additional charges.
Regards,
JACL
From India, Pune
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Regards,
JACL
From India, Pune
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Dear Mr. Chandok, Is their any circular from PF department which says cheque payment 5 days grace period is provided. Regards, GEM
From India, Bangalore
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From India, Bangalore
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Dear Geet,
I believe that as per PF rules, a 5-day grace period will be allowed from the due date if you have deposited the cheque. Also, check with your concerned PF Office. Furthermore, during the Tax Audit, the auditor may report this delay in the Tax Audit Report.
Regards,
Rapolu HS
From India, Hyderabad
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I believe that as per PF rules, a 5-day grace period will be allowed from the due date if you have deposited the cheque. Also, check with your concerned PF Office. Furthermore, during the Tax Audit, the auditor may report this delay in the Tax Audit Report.
Regards,
Rapolu HS
From India, Hyderabad
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Dear all,
Please find attached an old circular that allows a grace period of 5 (five) days for the payment of PF contributions. This circular remains valid at present.
Regards,
N. Nataraajhan
Sakthi Management Services
HP: +91 94835 17402
Email: natraj@sakthimanagement.com
From India, Bangalore
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Please find attached an old circular that allows a grace period of 5 (five) days for the payment of PF contributions. This circular remains valid at present.
Regards,
N. Nataraajhan
Sakthi Management Services
HP: +91 94835 17402
Email: natraj@sakthimanagement.com
From India, Bangalore
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PF IMP NOTES - GRACE PERIOD.pdf
Kerala HC on due date of PF & grace period 10.1.12.doc