ACCEPTANCE OF CASH AS VOLUNTARY PF CONTRIBUTION
This query is : Resolved
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
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
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
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
02 December 2009
Thanks CA Rakhecha .
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Gst registered proprietorship firm
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- Non filing of I T Returns
- UDIN ISSUE
- SALARY CAN BE CAPITALIZE
- TDS on purchase of under construction property from a reseller
- GST Intimation due to Government took possession of Business Premises under PPE Act
- TDS on Fixed Assets purchased
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
