Update Your Knowledge

Hello Friends,

On 01.02.2022 our Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 before the house of parliament.

Key points of Union Budget are as follows -

PART A

- India’s economic growth in the current year is estimated to be 9.2%
- Productivity Linked Incentive in 14 sectors will create 60 lakh new jobs,
and an additional production of 30 lakh crore during next 5 years
- Under New Public Sector Enterprise Policy, the strategic transfer of ownership of Air India has been completed. The strategic partner for NINL (Neelanchal Ispat Nigam Limited) has been selected And the public issue of the LIC is expected shortly.

To further Update Your Knowledge click on below link -

https://www.updateyourknowledge.com/2022/02/key-highlights-of-union-budget-2022.html?m=1

Key-Highlights of Union Budget 2022 Hello Friends, On 01.02.2022 our Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 befo...

Hello Friends,

Here are few more General Knowledge Questions to Update Your Knowledge -

Ques-1 : Which Jungle is the most dense in the world ?
Answer : Amazon Jungle

Ques-2 : What is the National Song of India ?
Answer : Vande Mataram

Ques-3 : Shape of Egg is ?
Answer : Oval

Ques-4 : Who wrote Romeo and Juliet ?
Answer : William Shakespeare

Ques-5 : Which insect has colourful wings ?
Answer : Butterfly

To further Update Your Knowledge click on below link -

https://www.updateyourknowledge.com/2022/01/general-knowledge-update-4.html?m=1

General Knowledge Update - 4 Hello Friends, Here are few more General Knowledge Questions to Update Your Knowledge - Ques-1 : Which Jungle is the most dense in the worl...

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Central Board of Direct Tax (CBDT) had extended the date for updating the UDIN for all Income Tax Forms till 31.01.2022. This deadline has further been extended till 30.04 2022 for updating the UDIN at e-filing portal.

https://www.updateyourknowledge.com/2022/01/last-date-of-updation-of-udins-at-e.html?m=1

Hello Friends,

Today on 29 Jan 2022 ICAI has announced the Cut-off date for the Students to convert themselves from Old Scheme to New Scheme. 13 Mar 2022 has been announced as the Cut-Off Date.

ICAI announced as follows -

https://www.updateyourknowledge.com/2022/01/cut-off-date-for-conversion-from.html?m=1

Cut-off Date for conversion from Earlier Scheme to Revised Scheme to appear in May 2022 Examinations at all Levels Hello Friends, Today on 29 Jan 2022 ICAI has announced the Cut-off date for the Students to convert themselves from Old Scheme to New Scheme...

Hello Friends,

Here are few more General Knowledge Questions to Update Your Knowledge -

Ques-1 : Olylmpics games are held after every ?
Answer : 4 Years

Ques-2 : How many sides are there in a Pentagon ?
Answer : 5 Sides

Ques-3 : What is the King Arthur's sword called ?
Answer : Excalibur

Ques-4 : Baby of Horse is called ?
Answer : C**t

Ques-5 : A Place where bees are kept in called ?
Answer : Aviary

To further Update Your Knowledge click on below link -

https://www.updateyourknowledge.com/2022/01/general-knowledge-update-3_25.html

General Knowledge Update - 3 Hello Friends, Here are few more General Knowledge Questions to Update Your Knowledge - Ques-1 : Olylmpics games are held after every ? Answ...

Update Your Knowledge for *RBI*

RBI Clarification with regard to signing of Project Report, Unaudited financials , ITRs etc.

Update Your Knowledge for *ICAI*

Important Announcement - Schedule of ICAI Chartered Accountants Foundation, Intermediate, Final and PQC Examinations - May 2022 Attempt

To further Update Your Knowledge click on below link -

https://www.updateyourknowledge.com/2022/01/icai-exam-notification-for-may-2022.html

For Detailed Announcement please visit
https://t.co/Z077u2ivMm https://t.co/c5MBkRTGz8

Hello Friends,

Here are few more General Knowledge Questions to Update Your Knowledge -

Ques-1 : What is the Capital of Andhra Pradesh ?
Answer : Amaravati

Ques-2 : What is the Capital of Arunachal Pradesh ?
Answer : Itanagar

Ques-3 : What is the Capital of Assam ?
Answer : Dispur

Ques-4 : What is the Capital of Bihar ?
Answer : Patna

Ques-5 : What is the Capital of Chhattisgarh ?
Answer : Raipur

To further Update Your Knowledge click on below link -

https://www.updateyourknowledge.com/2022/01/general-knowledge-update-2.html

General Knowledge Update - 2 Hello Friends, Here are few more General Knowledge Questions to Update Your Knowledge - Ques-1 : What is the Capital of Andhra Pradesh ? Ans...

Hello Friends,

Here are the few General Knowledge Questions to Update Your Knowledge -

Ques-1 : Who is the father of our Nation ?
Answer : Mahatma Gandi

Ques-2 : Giddha is the Folk Dance of ?
Answer : Punjab

Ques-3 : When do we celebrate our Independence Day ?
Answer : 15th August

Ques-4 : Sun is a ?
Answer : Star

Ques-5 : We get solar energy from ?
Answer : Sun

To further Update Your Knowledge click on below link -

https://www.updateyourknowledge.com/2022/01/general-knowledge-update-1_58.html

General Knowledge Update - 1 Hello Friends, Here are the few General Knowledge Questions to Update Your Knowledge - Ques-1 : Who is the father of our Nation ? Answer : M...

Update Your Knowledge for *Income Tax*

On consideration of difficulties reported by taxpayers/stakeholders due to Covid & in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961, CBDT further extends due dates for filing of Audit reports & ITRs for AY 21-22. Circular No. 01/2022 dated 11.01.2022 issued.

Update Your Knowledge for *GST*

The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022.
Notification No.40/2021-Central Tax dated 29.12.2021 to this effect has been issued.

Update Your Knowledge for *MCA*

Relaxation on levy of additional fees is given till 15.02.2022 for filing of e-forms AOC-4, AOC-4 (CFS), AOC-4, AOC-4 XBRL AOC-4 Non-XBRL and 28.02.2022 for MGT-7/MGT-7A for the financial year ended on 31.03.2021

Hello Friends,

The Concept of One Person Company was first introduced by the Companies Act, 2013. The Purpose of this concept was to promote the Sole Proprietors to enter into organised form of business. OPC has the features of both i.e. Proprietorship Firm and the Company.

As its name suggests it only needs one member like proprietorship firm and being a company it has its own identity and distinct from the member. More over being a single member company many benefits and relaxations have been provided to the OPC. Lets discuss all the features and procedure to incorporate and features available -

1. Features One Person Company

Features of One Person Company are as follows -

https://www.updateyourknowledge.com/2021/10/one-person-company-opc.html

One Person Company (OPC) : Features and Procedure of Incorporation Hello Friends, The Concept of One Person Company was first introduced by the Companies Act, 2013. The Purpose of this concept was to promote...

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GSTIN i.e. Goods and Service Tax Number is a 15 Digit Tax Identification Number. GSTIN is allotted by the GST Department to all the Registered Tax Payers. It is PAN based Alpha -Numeric code which is unique for every Tax Payer. Structure of GSTIN is as follows -

First 2 Digit of the GSTIN represents the State Code of Registered Person.
Next 10 Digit represents the PAN of Registered Person.
Next 1 Numeric Digit represents the Entity Number registered with the same PAN.
Next 1 character is "Z" by defaults.
Last 1 Digit is Check Digit to check and detect errors and can be Alphabet or Number.
List of State Codes is as follows -

https://www.updateyourknowledge.com/2021/10/format-of-gstin-goods-and-service-tax.html

Format of GSTIN (Goods and Service Tax Number) Hello Friends, GSTIN i.e. Goods and Service Tax Number is a 15 Digit Tax Identification Number. GSTIN is allotted by the GST Department to ...

Update Your Knowledge for *Indirect Tax*

Extension in period of modification of IEC till 31.08.2021 and waiver of fees for IEC updation done during August, 2021-reg.

Existing Provision -

An IEC holder has to ensure that details in its IEC is updated June period. However, for the current year only, this period is extended by another month i.e. till 31st July, 2021.

Revised Provision -

An IEC holder has to ensure that details in its IEC is updated electronically every year, during April-year, during April-June period. However, for the current year only, this period is extended by another month i.e. till 31st August, 2021.

In cases where there are no changes in IEC details same also needs to be confirmed online.

In cases where there are no changes in IEC details same also needs to be confirmed online.

2. Further, fee to be charged for modification of IEC done during the month of August. 2021 will remain 'Nil'.

3. Effect of this Notification: Period of modification of IEC is extended for the year 2021-22 only till 31.08.2021, and no fee shall be charged on modifications carried out in IEC during the period upto 31st August, 2021.

Hello friends,

In the view to provide relief to Taxpayers GST Department has provided multiple reliefs under composition schemes as well. In this regards Notification No.- 30/2020 Central Tax, Dated- 03.04.2020 and Circular No.- 136/06/2020-GST, Dated -03.04.2020 has been issued by the Department. Various Dates has been extended by issuing the mentioned Notification.

Let’s have a look to all those reliefs –

1. Due Date for Filling of Form GST CMP-02- Any Registered Taxpayer who wanted to pay Tax under Composition Scheme need to file Form GST CMP-02 prior to the Commencement of Financial Year. Therefore for the purpose of FY 2020-21 Form GST CMP-02 must have been filed till 31.03.2020.

But the Relief has been provided and Form GST CMP-02 can be file till Jun 30, 2020. This relief has been provided only for FY 2020-21.

https://www.updateyourknowledge.com/2021/07/relief-for-composition-scheme-under-gst.html

Relief for Composition Scheme under GST in view of COVID-19 Hello friends, In the view to provide relief to Taxpayers GST Department has provided multiple reliefs under composition schemes as well. I...

Hello friends,

As we all are aware of COVID-19 pandemic in India. The Government of India vides various notifications has provided relief to various Tax payers by extending various GST Compliance Due Dates, by waiving of late fee and by reducing Interest rate. We have summarized all those notification in one place.

Let’s have a look to all those dates after extension –

1. Due Dates for Filling of GSTR-3B

a. Taxpayer having aggregate Turnover > 5 Cr. in preceding Financial Year
Hello friends,

As we all are aware of COVID-19 pandemic in India. The Government of India vides various notifications has provided relief to various Tax payers by extending various GST Compliance Due Dates, by waiving of late fee and by reducing Interest rate. We have summarized all those notification in one place.

Let’s have a look to all those dates after extension –

1. Due Dates for Filling of GSTR-3B

a. Taxpayer having aggregate Turnover > 5 Cr. in preceding Financial Year

https://www.updateyourknowledge.com/2021/07/waiver-of-late-fee-and-interest-under.html

Waiver of Late Fee and Interest under GST in view of COVID-19 Hello friends, As we all are aware of COVID-19 pandemic in India. The Government of India vides various notifications has provided relief t...

Hello friends,

With the being of New Financial Year 2020-2021 the Finance Act 2020 has come into effect. All the provisions of Finance Act 2020 have come into effect. This is the time for calculating the Advance Tax Liability and Planning for relevant Investments. With the help of Tax Planning you can save your money and get the better return after investing the same. To help you to calculate your Tax Liability for AY 2021-22 relevant PY 2020-21 we are sharing the Tax Rates as fixed by Finance Act, 2020.

Finance Act 2020 has provided a New tax Regime for the certain assesses. Under new Tax Regime Lower Tax rates has been provided but for this purpose assessee need to forgo prescribed Deductions of chapter VIA and few Exemptions as prescribed. Old regime will also continue with the new regime. Both the Tax regimes have been discussed in this article.

Let's have a look:-

https://www.updateyourknowledge.com/2021/07/income-tax-rates-relevant-for-ay-2021-22.html

Income Tax Rates Relevant for AY 2021-22 Hello friends, With the being of New Financial Year 2020-2021 the Finance Act 2020 has come into effect. All the provisions of Finance Act 2...

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With the being of New Financial Year 2020-2021 the Finance Act 2020 has come into effect. All the provisions of Finance Act 2020 have come into effect. Due to COVID-19 Government of India has extended the time limit for Investment under 80C till Jun 30, 2020 for AY 2020-21. For the purpose of Tax planning you still have almost 3 months. For the purpose of Tax Planning firstly you need to calculate your Tax Liability. To help you to calculate your Tax Liability for AY 2020-21 relevant PY 2019-20 we are sharing the Tax Rates as declared under Finance Act, 2019.

Let's have a look:-

https://www.updateyourknowledge.com/2021/07/income-tax-rates-relevant-for-ay-2020-21.html

Income Tax Rates Relevant for AY 2020-21 Hello friends, With the being of New Financial Year 2020-2021 the Finance Act 2020 has come into effect. All the provisions of Finance Act ...

Hello Friends,

We all have noticed that this time Income Tax Department is trying its level best to remind the Tax Payers for the Last Date of Filing of Income Tax Return (Where Audit u/s 44AB not required) i.e. July 31st, 2018.

Income Tax Department is doing the same just because of a newly inserted Sec-234F. Now the question arises what this section is all about. So Let's see what this Section is all about -

Here Sec-234F is being re-produced as it is for your kind Reference later on we will describe the same in easy manner -

76. After section 234E of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2018, namely:—
"234F. Fees for default in furnishing return of income.—(1) Without prejudice to the provisions of this Act, where a person required to furnish a return of income under section 139, fails to do so within the time prescribed in sub-section (1) of said section, he shall pay, by way of fee, a sum of,—
(a) five thousand rupees, if the return is furnished on or before the 31st day of December of the assessment year;
(b) ten thousand rupees in any other case:

https://www.updateyourknowledge.com/2021/07/late-filing-penalty-us-234f-of-income.html

Late Filing Penalty u/s 234F of Income Tax Act Hello Friends, We all have noticed that this time Income Tax Department is trying its level best to remind the Tax Payers for the Last Dat...

Hello friends,

As the month of July is going on and This time Finance Ministry has introduced a New Section 234F which attracts Penalty on Late Filling of Income Tax Return, So it is Necessary to file the return on time i.e. on or before July 31st, 2018 (for More About Sec-234F click here).
(For Tax Rates of AY 2018-19 relevant for PY 2017-18 please refer our Previous Post by click here).

But meanwhile there is also important to plan the Advance Tax Liability for the PY 2018-19. Time of First Installment has already elapsed. To help you to Calculate your Advance Tax Liability for AY 2019-20 relevant PY 2018-19 we are sharing the Tax Rates as fixed by Finance Act, 2018.

Let's have a look:-

https://www.updateyourknowledge.com/2021/07/income-tax-rates-relevant-for-ay-2019-20.html

Income Tax Rates Relevant for AY 2019-20 Hello friends, As the month of July is going on and This time Finance Ministry has introduced a New Section 234F which attracts Pena...

Hello Friends,

As our Team is continuously providing some exciting contents hope you are enjoying and gaining some knowledge from our post. Today we are going to start a Post series for a Hot and Excited Topic that is GST "Goods and Service Tax" to which government named "Good and Simple Tax". So for the purpose of helping our readers we from now will share Some Contents over GST along.

Today we are going to discuss some Basic points regarding E-Way Bill concept introduced in GST. As Government has already implemented the same on trial Basis form 15.01.2018 and It will mandatory be applicable form 01.02.2018. So it is necessary to Look in the concept of E Way bill So Lets have a look-

1. What is E-Way Bill:-
E-way Bill is E-Document generated online through GST Portal for the purpose of moving Goods from one place to another place.

https://www.updateyourknowledge.com/2021/07/e-way-bill-under-gst.html

E-Way Bill under GST Hello Friends, As our Team is continuously providing some exciting contents hope you are enjoying and gaining some knowledge from our pos...

Hello Friends,

As we all are aware of that Finance Bill 2018 is about to come as on Feb 1, 2018 few days later. Now I am not going to discuss anything about new finance bill but will discuss about some content of Finance Act 2017 in regards to Cash Transactions as it is going to be necessary to have the knowledge of the so that we can Report the same in our Audit report or we can still manage the Transaction if have wrongly made during the year. any addition to below information is welcomed through your valuable comments. Now Let's have a look -

1. Section 40A(3):- This section deals with the expenditures for which payment is made other than by a account payee cheque or Electronic Clearing System through a Bank Account. Limit of a revenue expenditure incurred in cash has been reduced to ₹10000 (which is ₹20000 earlier). It means no deduction shall be allowed for if payment is more than ₹10,000. Here it is necessary to mention that Limit for Plying, Hiring or leasing of good carriage is still continue to ₹35000 (i.e. same as earlier).

https://www.updateyourknowledge.com/2021/07/important-points-for-cash-transactions.html

Important Points for Cash Transactions Hello Friends, As we all are aware of that Finance Bill 2018 is about to come as on Feb 1, 2018 few days later. Now I am not going to disc...

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As we all are aware that our Honorable Finance Minister on Feb 01, 2017, while giving budget speech proposed a new base year for Indexation. As per the proposal Base year for indexation to be taken as 01-04-2001 instead of 01-04-1981. CBDT came with a Notification No. 44/2017 Dt. 05-06-2017 specifying the Cost Inflation Index for all the F.Y.(s) starting from 01-04-2001. Let's have a look on these Cost Inflation Index -

https://www.updateyourknowledge.com/2021/07/new-cost-inflation-index-for-ay-2018-19.html

New Cost Inflation Index for A.Y. 2018-19 Hello Friends, As we all are aware that our Honorable Finance Minister on Feb 01, 2017, while giving budget speech proposed a new base year ...

Hello Friends,

As we have shared all ICDS(s) notified by the CBDT in our earlier posts. Now I am not going to share anything new but what I am going to share will make easy to get the understanding of ICDS. As I have already shared difference between ICDS and respective AS along with Individual ICDS(s), Now I am sharing all these differences at one Place. Let's have a look -

https://www.updateyourknowledge.com/2021/07/icds-vs-as.html

ICDS Vs AS Hello Friends, As we have shared all ICDS(s) notified by the CBDT in our earlier posts. Now I am not going to share anything new but...

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In the series of ICDS it is the last ICDS we are going to share with you. The ICDS we are sharing is Income Computation and Disclosure Standards X (Provisions, Contingent Liabilities and Contingent Assets). Let’s have a look on this ICDS X –

https://www.updateyourknowledge.com/2021/07/icds-x-provisions-contingent.html

ICDS X - Provisions, Contingent Liabilities and Contingent Assets Hello Friends In the series of ICDS it is the last ICDS we are going to share with you. The ICDS we are sharing is Income Computation and ...

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We have shared 8 ICDS(s) yet. Hope posts we are sharing are beneficial for you. Now here we are going to share Income Computation and Disclosure Standards IX which is Borrowing Costs. Let’s have a look on this ICDS IX –

https://www.updateyourknowledge.com/2021/07/icds-ix-borrowing-costs.html

ICDS IX - Borrowing Costs Hello Friends, We have shared 8 ICDS(s) yet. Hope posts we are sharing are beneficial for you. Now here we are going to share Income Comput...

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In the series of ICSD(s) we have shared 7 ICDS till date. Now It’s the time to share something about another Income Computation and Disclosure Standards. We are now going to share ICDS VIII – Securities. Let’s have a look on ICDS VIII –

https://www.updateyourknowledge.com/2021/07/icds-viii-securities.html

ICDS VIII - Securities Hello Friends, In the series of ICSD(s) we have shared 7 ICDS till date. Now It’s the time to share something about another Income Computa...

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In the series of ICDS we have shared 6 ICDS till now. Now it’s the time to share another Income Computation and Disclosure Standards which is ICDS VII (Government Grants). Let’s have a look on this ICDS VII –

https://www.updateyourknowledge.com/2021/07/icds-vii-government-grants.html

ICDS VII - Government Grants Hello Friends, In the series of ICDS we have shared 6 ICDS till now. Now it’s the time to share another Income Computation and Disclosur...

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In the series of ICDS we have shared 5 ICDS till now. Now It’s the time to share an another Income Computation and Disclosure Standards which is ICDS VI (The Effects of Changes in Foreign Exchange Rates). Let’s have a look on this ICDS VI –

https://www.updateyourknowledge.com/2021/07/icds-vi-effects-of-changes-in-foreign.html

ICDS VI - The Effects of Changes in Foreign Exchange Rates Hello Friends, In the series of ICDS we have shared 5 ICDS till now. Now It’s the time to share an another Income Computation and Disclosu...

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Hope you are enjoying the post previously shared. We have shared 4 ICDS till now. Now it is the time to share another ICDS i.e. ICDS V which is Tangible Fixed Assets. Now let’s have a look on ICDS V –

https://www.updateyourknowledge.com/2021/07/icds-v-tangible-fixed-assets.html

ICDS V - Tangible Fixed Assets Hello Friends, Hope you are enjoying the post previously shared. We have shared 4 ICDS till now. Now it is the time to share another ICDS i....

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In the series of ICDS(s), Now It’s the time to share something about another Income Computation and Disclosure Standards (i.e. ICDS IV). Let’s have a look on ICDS IV Revenue Recognition –

https://www.updateyourknowledge.com/2021/07/icds-iv-revenue-recognition.html

ICDS IV - Revenue Recognition Hello Friends, In the series of ICDS(s), Now It’s the time to share something about another Income Computation and Disclosure Standards (i.e...

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As we have already shared two ICDS (i.e. ICDS I and ICDS II), Now It’s the time to share something about another Income Computation and Disclosure Standards (i.e. ICDS III).Now Let’s have a look on ICDS III Construction Contracts –

https://www.updateyourknowledge.com/2021/07/icds-iii-construction-contracts.html

ICDS III - Construction Contracts Hello Friends, As we have already shared two ICDS (i.e. ICDS I and ICDS II), Now It’s the time to share something about another Income Com...

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As we have shared some contents about Income Computation and Disclosure Standards I (i.e. ICDS I). Now is comes to another ICDS which is ICDS II (Valuation of Inventories ). Let’s have a look on this ICDS–

https://www.updateyourknowledge.com/2021/07/icds-ii-valuation-of-inventories.html

ICDS II - Valuation of Inventories Hello Friends, As we have shared some contents about Income Computation and Disclosure Standards I (i.e. ICDS I). Now is comes to another ...

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In our earlier post we shared some basic knowledge about Income Computation and Disclosure Standards (ICDS). Now we are going to share additional content of each ICDS. We will share all ICDS one by one. Let’s have a look on very first ICDS i.e. ICDS I (Accounting Policies) –

https://www.updateyourknowledge.com/2021/07/icds-i-accounting-policies.html

ICDS I - Accounting Policies Hello Friends, In our earlier post we shared some basic knowledge about Income Computation and Disclosure Standards (ICDS). Now we are goin...

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We are again here with some new and Excited Topic i.e. Income Computation and Disclosure Standards. We will Share all the required information in relation to these standards in detail. Please refer our Future post for detailed knowledge of these standards.

Before we share information about these standards individually first we should let know Whats these standards actually are? What is the need of these standards? when these be applicable? Let's have a look to get the solution of these queries-

1. Introduction -
In excise of power conferred by sec. 145(2) of Income Tax Act, 1961 Central Government notified some standards to be followed while computing our taxable income. These standards are to be known as Income Computation and Disclosure Standards i.e. ICDS.

https://www.updateyourknowledge.com/2021/07/income-computation-and-disclosure.html

Income Computation and Disclosure Standards (ICDS) Hello Friends, We are again here with some new and Excited Topic i.e. Income Computation and Disclosure Standards. We will Share all the ...

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Today we are going to share our knowledge about Advance Tax Liability. We will try to cover as many queries as possible.In case something is left feel free to comment. Let's have a look -

1. Introduction-
Advance Tax means the Tax payable during the Financial Year. Normally Income Tax is paid at the end of the Financial year but Advance Tax is paid during the Financial year in which Income is earned by the Assessee. It is paid in installments. In case assessee fails to comply with the law relating to Advance Tax, he is liable to pay Interest. Here we are going to discuss provision relating to Advance Tax applicable to A.Y. 2018-19 relevant for F.Y. 2017-18.

https://www.updateyourknowledge.com/2021/07/advance-income-tax-liability.html

Advance Income Tax Liability Hello Friends, Today we are going to share our knowledge about Advance Tax Liability. We will try to cover as many queries as possibl...

Hello Friends,

In our earlier post we have shared Some Basic Concepts related to EPF and ESIC along with their Contribution Rate and Accounting Treatment. What we are going to share today is the Penalties and Interest liabilities in case of failure to deposit the EPF on due date.
In case of failure to deposit the EPF till due date the Employer is liable to pay by way of penalty such damage u/s 14B as calculated below and the Interest u/s 7Q. Let's have a look on the same -
Interest u/s 7Q-
Sec 7Q of The Employees' Provident Funds and Miscellaneous Act, 1952 has made liable to the Employer to pay Simple Interest in case Employer fails to deposit the amount of EPF deducted till the due date (i.e. 15th of the month following the month of deduction).

https://www.updateyourknowledge.com/2021/07/interest-and-penalty-on-epf.html

Interest and Penalty on EPF Hello Friends, In our earlier post we have shared Some Basic Concepts related to EPF and ESIC along with their Contribution Rate and Acc...

Hello Friends,

We are back with an another blog to enhance your knowledge in the field of accounting. In the earlier post we shared some basic knowledge of EPF and ESI along with their contribution rates. Now the issue which is usually faced is the Accounting Treatment of deduction from the salary of Employee and Contribution made by the Employer. In this blog we have shared the accounting treatment of the same along with the due entry. Hope this post will be helpful for all of them who faced the same Problem. Let's have a look-

Let's take an Example to simplify the Treatment -

Total Salary Payable Before deduction of EPF, ESIC = ₹10000 p.m.
Employee Contribution to EPF = ₹1200
Employee Contribution to ESIC = ₹175
Employer Contribution to EPF = ₹1200
Employer Contribution to ESIC = ₹475

https://www.updateyourknowledge.com/2021/07/accounting-treatment-of-epf-esic.html

Accounting Treatment of EPF & ESIC H ello Friends, We are back with an another blog to enhance your knowledge in the field of accounting. In the earlier post we shared some...

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We hope our posts are adding some knowledge to you. In this series now we are going to add a new post to provide basic knowledge of ESI. Before we tell you about the contribution to be made under ESI Let's have a look to some basics of the same -

1. Meaning of ESI -
ESI refers to Employees' State Insurance. It is managed by Employees' State Insurance Corporation (ESIC). This Fund is regulated by ESI Act, 1948. ESI is a fund for the Indian workers which provides the benefits of Health Insurance Scheme.

https://www.updateyourknowledge.com/2021/07/esi-contribution-rates.html

ESI Contribution Rates Hello Friends, We hope our posts are adding some knowledge to you. In this series now we are going to add a new post to provide basic kno...