EPFO must pay penal interest on interest

When a payment for advance tax is made late, we have to pay a penal interest to the government.

Here EPFO has delayed interest credit by 11 months.

Shouldn't they be liable to pay penal interest on delay? Are rules different for government and citizens ? more

Helpful myEPF Feb 21

Viewed by 400

View all 15 comments Below 15 comments

Arvind Garg

I think Interest will credited on 31.03.2022 and interest as on 31.03.2023 will calculated the basis of date of credit balance .Who has refunded the PF interest already paid as per practice at the time of refund . more

Feb 22

VIJAY KUMAR MALHOTRA

Absolutely correct. Also they must explain the reason. more

Feb 22

Venkateswara Rao Paibonu (reseacher)

valuable point. fully Agreed more

Feb 22

Yadwendra Singh

Yes, agreed more

Feb 22

Vinod Kumar

Agreed more

Feb 22

View 15 more comment(s)

Post a Comment

EPFO to Finally Let You Access Your Own Money!
In a groundbreaking leap for modern financial freedom, the Employees’ Provident Fund Organisation (EPFO) has announced that, starting 2025, its 7 crore members will finally be able to withdra...

By Satvik Singh

/
The Decaying EPF Asset Class
- Contributions growth at 10 yr low - Dysfunctional EPFO website - 30% rejection rate - Fully Taxable beyond 2.5 lacs pa - Red tapism and bribes - Corp. Defaults at all-tim...

By Naina Mittal

/
Dont keep money in EPFO
withdraw your money regularly for your marriage, health expenses to parents, children's education etc. Don't keep your money there. Some of the other members are right. The makkari and c...

By Ajay Dutta

/
EPFO withdrawal hassles
One of our employees father cant seem to withdraw his EPFO funds. His words to the team today: EPFO is not for your welfare. It's a forced investment into govt. securities. J...

By Naina Mittal

/
EPFO cheating isnt it!
Isn't this large scale cheating? Interest on EPF is actually credited almost a year after its due. EPFO maintains a corpus of Rs. 21.3 trillion (2022-23 data). If it delays cre...

By Naina Mittal

/
EPF nonsense
Employee Provident Fund (EPF) was started in 1952. It was a provision in lieu of the government's inability to provide social security to the working class on retirement, and was thus kept tax...

By Satvik Singh

/
Broken EPFO
More than 10 years in Govt, these guys are not able to solve issues related to EPFO websites and late interest payment 1. Interest for year 23-24 which should have been credited by 31st ...

By Naina Mittal

/
EPFO Trust survey
I suggest @LocalCircles admin run a survey to gauge the sentiment of public w.r.t EPFO in terms of trust/integrity, efficiency, transparency and ease of use.

By Prajith PS

/
EPFO public image is very very bad
A well placed family member wrote this yesterday Had always opted out of EPF all my life, till my current employer didn't budge on that request. Thank fully probably will los...

By Satvik Singh

/
Wind up EPF
A person with stage IV cancer has 19 lakh stuck with EPF. What a pathetic and heartless system have we created? EPF is nothing but a tyranny inflicted on salaried people by babus and politicians. I...

By Naina Mittal

/
Shut down EPFO
EPFO should consider shutting down and allowing us to transfer our accumulated EPF corpus to NPS. It's taken 6 months to merge my brother’s old EPF because a DA clerk was transferred, and the...

By Satvik Singh

/