EPF


This query is : Resolved 

Quick Summary
The government is covering EPF contributions for employers and employees for three months starting March 2020. As this payment goes directly to the EPF office, no direct entry is needed in your company's books. This government incentive can be recognised as indirect income, specifically as a government grant, in your accounts.

(Querist)
27 March 2020 hello

As heard today Government is going to pay EPF of employer and employees for 3 months from march 2020.

if it is so how to make entry in books.

27 March 2020 It will be paid directly to EPF office so no need to make any entry in the books.

28 March 2020 It is a kind of incentive given by govt .So the liability of EPF is paid by govt can be recognized as income under govt grants

25 May 2020 You can show it as an indirect income in the books of accounts.


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