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.
