Sir/Madam,
Apr-22 to Aug-22 increment balance amt paid on Sep _22,
I just wanted ESI &EPF _Late deduction & Penalty are applicable ?
if yes what % on EPF & ESI ?
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EPF & ESI _ Late deduction and late payment
Replies (1)
Late payments of EPF and ESI attract a mandatory 12% p.a. interest for each day of delay. Additionally, authorities may impose penal damages ranging from 5% to 25% p.a. depending on how long the payment is overdue. Failure to deposit the employee's deducted portion can also lead to criminal liability and the loss of tax deductions for the business.
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