ACCEPTANCE OF CASH AS VOLUNTARY PF CONTRIBUTION

This query is : Resolved

ANITA BHADRA (Querist)
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02 December 2009
Dear Sir ,

My query is : -

An employee of Public Sector Company wish to deposit Rs 5,00,000/- as PF Contribution . Whether employer can accept the same . If Yes , what documents ( i.e PAN No. / declaration from employee etc) are required for the purpose .

Regards
CA Anita Bhadra

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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02 December 2009 He cannot deposit such cash towards PF in the company. Because if company accepts this deposit; Section 58A is attracted of the Companies Act,1956.

Further; penal action under Section 269T of the Income-Tax Act will also be applicable.

Even in PPF account which is opened by Banks and Post Office; more than 70,000/- in a year is not allowed.

Ca Rakhecha,
Surat

ANITA BHADRA

ANITA BHADRA (Querist)
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02 December 2009 Thanks CA Rakhecha .

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