Penalty for Delay in deposit of Providen fund | Penalty for PF delay

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Penalty for Delay in deposit of Providen fund ,Penalty for PF delay :

? Damages are levied at the following FLAT RATES:

? For 0 — 2 months delay – @ 5 % p.a.

? For 2 — 4 months delay – @10 % p.a.

? For 4 — 6 months delay – @ 15 % p.a.

? For delay above 6 months – @ 25 % p.a. (subject

to a maximum of 100%)

? Levy of damages at lesser rates is not permissible under

the EPF & MP Act.

? Reduction/Waiver of damages – considered only for Sick

Industrial Companies having rehabilitation scheme

sanctioned by BIFR.

? Deposit dues in time – avoid penal damages.

 
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