Delay in Remittance of PF & ESI
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 February 2011
Dear Sir
Pl let me know if PF & ESI Contributions ( Employees & Employers) are remitted after the due date, will it be added back to Income while computing the Income Tax. If so is it only the Employees contribution or both Employees & Employers Contributions.
Pl let me know if PF & ESI Contributions ( Employees & Employers) are remitted after the due date, will it be added back to Income while computing the Income Tax. If so is it only the Employees contribution or both Employees & Employers Contributions.
24 February 2011
Hi,
Employees Contribution should be deposited with the due dates given under respective ACTs of PF/ ESI.
However
For Employers contribution the maximum time limit is upto the Due Date of Filing the Return of Income under Sec 139(1)
If in ur case Both Employer's & Employees contribution has been deposited after the Due Date of Filing the Return of Income under Sec 139(1), then both shall be Disallowed.
Thank you
Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Employees Contribution should be deposited with the due dates given under respective ACTs of PF/ ESI.
However
For Employers contribution the maximum time limit is upto the Due Date of Filing the Return of Income under Sec 139(1)
If in ur case Both Employer's & Employees contribution has been deposited after the Due Date of Filing the Return of Income under Sec 139(1), then both shall be Disallowed.
Thank you
Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
24 February 2011
if the employees contribution is not deposited by the due date prescribed under the relevant Acts and is deposited late, the employer not only pays interest on delayed payment but can incur penalties also, for which specific provisions are made in the Provident Fund Act as well as the ESI Act. Therefore, the Act permits the employer to make the deposit with some delays, subject to the aforesaid consequences.
Hence, Income Tax vs. Aimil Ltd. & Others in (2010) 229 CTR (Del) 418 : (2010) 35 DTR 68, Delhi High Court ruled in favor of assessee.
Hence, Income Tax vs. Aimil Ltd. & Others in (2010) 229 CTR (Del) 418 : (2010) 35 DTR 68, Delhi High Court ruled in favor of assessee.
24 February 2011
As highlted by other Expert i Agree,
But i request the querist to state what is DUE DATE in the above context of question asked.
Is it due date under respective act or Under IT Act.
This will help us to give you right answer than many creating ambiquity.
But i request the querist to state what is DUE DATE in the above context of question asked.
Is it due date under respective act or Under IT Act.
This will help us to give you right answer than many creating ambiquity.
24 February 2011
Hi,
Agreed
Thank you
Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
Agreed
Thank you
Regards
CA.Lohith.J
B.Com,ACA,CS,(ICWA),SAPM Hons,ITF Hons
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
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Registration as Authorised Representative of minor
- Article ship defecit
- Bank Accounts in Balance Sheet for ITR 3
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
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
