Late return on esic

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Natasha Mourya (Querist)
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09 June 2014 ESIC return couldn't have been filed for the month of March 2014, April 2014 due to some reasons, What would be the interest rate on ESIC return If I file return by 15.06.2014 for March 2014, April 2014.....

Its urgent Plz......

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Guest (Expert)

09 June 2014 An employer who fails to pay the contribution within the limit prescribed under Regulation 31. shall be liable to pay simple interest at the rate of 12% per annum in respect of each day of default or delay in payment of contribution (Regulation 31-A).

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Natasha Mourya

Natasha Mourya (Querist)
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10 June 2014 Mr. Ankit Is is the same interest rate @ 12% If total Contribution of Employees(1.75%) & Employers(4.75%) for the month of March 2014 is Rs:- 1400/- & file return by 15 June 14 ?

Is it like ?

Interest Rate 1400*12/100 = Rs 168. for a year.
Interest for 2 month April 14 & May 14 is:-
168*2/12 = Rs 28.

It means Total amount to be deposited for the month of March 14 is = 1400 + 28 = 1428.

Mr. Ankit, Is it a correct calculation ?

Aashok Kumar Sharma

Aashok Kumar Sharma (Expert)
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02 August 2024 https://docs.google.com/document/d/11nquKztmEg24kj8wJCx5xngE9obBQmLyNl0YO33Kvnk/edit?usp=sharing

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