EPF LATE FEE RELATED
This query is : Open
20 February 2020
DEAR EXPERTS,
HOW CAN I PUT THE JOURNAL ENTRY FOR EPF LATE FEE.
HOW CAN I PUT THE JOURNAL ENTRY FOR EPF LATE FEE.
20 February 2020
DR INT CHARGES A/C AND IT SHOULD BE DISALLOWED UNDER COMPUTATION OF INCOME TAX.
29 February 2020
@Mathenthiran: I think you have asked from accounting point of view..
Hope EPF liability was created along with the salary.So you may book the excess payment as interest in the payment entry..
EPF Payable /EPF Liability A/c Dr
Interest A/c Dr
To Bank
Else Alternatively:
Pass journal entry for interest portion:
Interest A/c Dr
To EPF Payable/EPF Liability
EPF liability
to Bank
If interest portion is not accounted properly then
there will be debit balance in EPF liability ledger
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