ESI & PF late penalty

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sachin saxena (Querist)

27 May 2008 what is the due date of depositing the EPF & ESIC and penalty and interest for late depositing. is it the same for the month of march or difference?

i have gotten ans earlier but there was diff. in the ans by two expert. also tell me interest and penalty:
it may be diff for each state like for delhi and gurgaon?

CA. Vineet Grover

CA. Vineet Grover (Expert)

27 May 2008 Hi Sachin,

The due date is 15th of subsequent month in which the deduction is made.

Interest
Section 7Q.
The employer shall be liable to pay simple interest at the rate of twelve per cent per annum or at such higher rate as may be specified in the Scheme on any amount due from him under this Act from the date on which the amount has become so due till the date of its actual payment:

Penalty
Section 14B.
Power to recover damages - Where an employer makes default in the payment of any contribution to the Fund the Pension Fund or the Insurance Fund or in the transfer of accumulations required to be transferred by him under sub-section 2 of section 15 or sub-section 5 of section 17 or in the payment of any charges payable under any other provision of this Act or of any Scheme or Insurance Scheme or under any of the conditions specified under section 17, the Central Provident Fund Commissioner or such other officer as may be authorised by the Central Government, by notification in the Official Gazette, in this behalf may recover from the employer by way of penalty such damages, not exceeding the amount of arrears, as may be specified in the Scheme.

Rgds/
Vineet

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