querry for tax

Querist : Anonymous (Querist) 05 August 2011 This query is : Resolved
sir
if we did not file our EPF and ESIC Return and challan then what is the penalty and interest

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K.S.Srinivas (Expert) 05 August 2011
Recovery of damages for default in payment of epf contribution Substituted by GSR No.688(E) dt.26-9-2008 (w.e.f. 26-9-2008)

Period of default Rate of damages
(% of arrears per annum)
Less than two months 5

Two months and above
but less than four months 10

Four months and above but
less than six months 15

Six months and above 25

Raj Kumar Makkad (Expert) 05 August 2011
Assessment proccceding may start and arrears may be recovered along-with penal interst @ 34% per annum under sections 7A and 14 B of EPF & MP ct, 1952 and similar provisions are in case of ESIC. Recovery process can be initiated under section 8F of Act ibid.