Can anybody guide as regards to calculation of interest on Maharashtra labour welfare fund.
From India, Pune
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1From India, Pune
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Dear Balaji,
I assume that you have not paid the half-yearly contribution for the Maharashtra Labour Welfare Fund, and now you want to pay. So, I would like to apprise you that there is no penal interest on the same.
Regards,
From India, Nagpur
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I assume that you have not paid the half-yearly contribution for the Maharashtra Labour Welfare Fund, and now you want to pay. So, I would like to apprise you that there is no penal interest on the same.
Regards,
From India, Nagpur
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Dear Balaji Kale,
Just pay the current contribution as per the attached form-cum-return and forget about interest. The Labour Welfare Commissioner's office will inform you if they intend to charge you interest. Please send the LWF contribution cheque by courier or post.
Regards,
Suresh
From India, Thane
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Just pay the current contribution as per the attached form-cum-return and forget about interest. The Labour Welfare Commissioner's office will inform you if they intend to charge you interest. Please send the LWF contribution cheque by courier or post.
Regards,
Suresh
From India, Thane
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I called up the Mumbai office and clarified the interest on the Maharashtra Labour Welfare Fund. As per the rules for June, one needs to pay the contribution charges before 15th August. From 16th August, you need to pay an extra 1.5% for the next three months "each." After three months, you need to pay an extra 2% on all the above charges on a monthly basis.
For example, I'm paying the June '17 contribution in January '18. In this case, the contribution amount x 1.5% for the 1st month after 15th Aug, i.e., 16th Aug to 16th Sept is 1.5%. The 2nd month, from 16th Sept to 16th Oct, is the contribution amount + 1.5% of August x 1.5%. The 3rd month, from 16th Oct to 16th Nov, is the contribution amount + earlier interest amount of two months x 1.5%. The 4th month, from 16th Nov to 16th Dec, is the contribution amount + interest of 3 months x 2%. The 5th month, from 16th Dec to 16th Jan, is the contribution amount + earlier interest of 4 months x 2%. That is how you need to calculate the interest and pay. Hope that suffices the query in case anybody has.
From India, Pune
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For example, I'm paying the June '17 contribution in January '18. In this case, the contribution amount x 1.5% for the 1st month after 15th Aug, i.e., 16th Aug to 16th Sept is 1.5%. The 2nd month, from 16th Sept to 16th Oct, is the contribution amount + 1.5% of August x 1.5%. The 3rd month, from 16th Oct to 16th Nov, is the contribution amount + earlier interest amount of two months x 1.5%. The 4th month, from 16th Nov to 16th Dec, is the contribution amount + interest of 3 months x 2%. The 5th month, from 16th Dec to 16th Jan, is the contribution amount + earlier interest of 4 months x 2%. That is how you need to calculate the interest and pay. Hope that suffices the query in case anybody has.
From India, Pune
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Dear Balaji Kale,
I am not so sure whether the calculation of interest is correct. As per the 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 the first 3 months and 2% per month thereafter.
From India, Mumbai
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I am not so sure whether the calculation of interest is correct. As per the 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 the first 3 months and 2% per month thereafter.
From India, Mumbai
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