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Late payment of ESI

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(Querist)
04 February 2009 Dear all,
What are the consequences of late remittance of ESI deducted from gross salary?
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CA. B.SRINIVASULU

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CA. B.SRINIVASULU (Expert)
04 February 2009 Firstly you have to pay interest on the same.

Secondly you will not be eligible for income deduction for payment of esi of the company.

Thirdly the serious problem is like this is accidental benefit if you have not paid the esi due the employee is not eligible for esi benefit.

In unforseen events your company has to face more problems.
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CA Jithesh C

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CA Jithesh C (Querist)
04 February 2009 Thank You sir. Could you please let me know the interest rate and its calculation also?
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