Dear Seniors,
Greetings!!!!!!!
As we know that the contribution period for PF is March-Feb i.e if Financial year is 2011-2012 then the contribution period for FY 2011-2012 would be March 12-Feb 2012 and as per my knowledge for Tax Audit,the Auditor should need the details for the contribution period i.e for the period March 2011-Feb 2012 for the Assessment year 2012-2013,being an HR I have given the challan copies of that period to the Auditors,but they are asking the challan copy for the March 2012 also for the auditing,as per them the contribution done in March 2012 should also be taken in to the FY 2011-2012 for the auditing,but as I know contribution for March 2012 would be taken in FY 2012-2013 and it's Assessment Year would be 2013-2014.
So,Kindly share your valuable thoughts and if I am not not correct then pls give me the required information.
Regards,
Shweta Singh
From India, Hyderabad
13Greetings!!!!!!!
As we know that the contribution period for PF is March-Feb i.e if Financial year is 2011-2012 then the contribution period for FY 2011-2012 would be March 12-Feb 2012 and as per my knowledge for Tax Audit,the Auditor should need the details for the contribution period i.e for the period March 2011-Feb 2012 for the Assessment year 2012-2013,being an HR I have given the challan copies of that period to the Auditors,but they are asking the challan copy for the March 2012 also for the auditing,as per them the contribution done in March 2012 should also be taken in to the FY 2011-2012 for the auditing,but as I know contribution for March 2012 would be taken in FY 2012-2013 and it's Assessment Year would be 2013-2014.
So,Kindly share your valuable thoughts and if I am not not correct then pls give me the required information.
Regards,
Shweta Singh
From India, Hyderabad
Dear Ms.Shweta Singh, You are correct. There will not be any assessment for March 2012, as the period for that would fall under the FY 2012- 13. The remitted copies will be then assessed.
From India, Visakhapatnam
From India, Visakhapatnam
Dear Ms.Shweta Singh,
Greetings for the day!
Your submission is correct on the matter of PF contributing year MARCH to FEBRUARY. Please also note that we are doing compliance for that contributing period in APRIL to MARCH.
That's why tax auditors always asked to show challan from April to March.
From India, Sirohi
Greetings for the day!
Your submission is correct on the matter of PF contributing year MARCH to FEBRUARY. Please also note that we are doing compliance for that contributing period in APRIL to MARCH.
That's why tax auditors always asked to show challan from April to March.
From India, Sirohi
Probably the auditor needs the contributions made during the finacial year -April to March but not Feb-March as Mr.Lohar pointed out and hence the confusion. B.Saikumar HR & Labour Law advsior Mumbai
From India, Mumbai
From India, Mumbai
Hi seniors,
This discussion is too confusing. Plz make me clear that wat Shweta Singh wants know.????? For PF contribution period is April to March. thats v l consider the amount paid for march to the amount paid for feb. this is the procedure rite????? auditors also l check the challans for these remittance oly. plz correct me if i m wrong!!!!!!
From India, Coimbatore
This discussion is too confusing. Plz make me clear that wat Shweta Singh wants know.????? For PF contribution period is April to March. thats v l consider the amount paid for march to the amount paid for feb. this is the procedure rite????? auditors also l check the challans for these remittance oly. plz correct me if i m wrong!!!!!!
From India, Coimbatore
Is there anything wrong in showing the auditors the chalan and payment for the next month ?
If you have paid properly and in time, why make an issue of it ?
Further, are these PF auditors or Internal Auditors or Statutory Auditors of your company ?
From India, Mumbai
If you have paid properly and in time, why make an issue of it ?
Further, are these PF auditors or Internal Auditors or Statutory Auditors of your company ?
From India, Mumbai
Hi,
I am not making any issue of it,every payment has been made on time,I am not against of giving any required documents to auditors, because at the end of the day whatever they are doing would be beneficial for my company only,but since for annul audit,we take the data of the last financial year,so for statutory deductions like PF also,the data should be of the FY(2011-2012) as contribution period of PF is March-Feb.as I already mentioned in my post,since they were asking for March'12 contribution and as it is not taken in the FY(2011-2012) for PF,so I was having doubt and hence have raised the question for the same.
For your information,this prestigious cite is for this only and have been solving queries on different topics,not only this might be somebody was having same doubt as I was having,so a question asked by me might have helped so many people for solving their queries.
Hence being the member of this great cite,you should not have post such comment.
Regards,
Shweta Singh
From India, Hyderabad
I am not making any issue of it,every payment has been made on time,I am not against of giving any required documents to auditors, because at the end of the day whatever they are doing would be beneficial for my company only,but since for annul audit,we take the data of the last financial year,so for statutory deductions like PF also,the data should be of the FY(2011-2012) as contribution period of PF is March-Feb.as I already mentioned in my post,since they were asking for March'12 contribution and as it is not taken in the FY(2011-2012) for PF,so I was having doubt and hence have raised the question for the same.
For your information,this prestigious cite is for this only and have been solving queries on different topics,not only this might be somebody was having same doubt as I was having,so a question asked by me might have helped so many people for solving their queries.
Hence being the member of this great cite,you should not have post such comment.
Regards,
Shweta Singh
From India, Hyderabad
Ms.Swetha
An understanding of the isue as explianed below may remove the doubts.
While the P.F. contribution year is March-Feb, the financial year is April to March. You must be deducting the P.F contribution of the previous month from that month wages paid in the succeeding month.Hence the confusion.However since the audit is for the financial year April -March (not March-Feb) and since you have deducted P.F contribution of March from the wages paid in April, they must be asking for the challans of March contribution. Though for P.F contribution relates to March month but for audit purpsoe, the remittance relates to April.Moving forward thus month wage , the 12th remittance for the audit, must have been in March but which relates to Feb month.Thus the contribution period and the finacial period correspond to each other.
B.Saikumar
HR & Labour Law Advsior
Mumbai
From India, Mumbai
An understanding of the isue as explianed below may remove the doubts.
While the P.F. contribution year is March-Feb, the financial year is April to March. You must be deducting the P.F contribution of the previous month from that month wages paid in the succeeding month.Hence the confusion.However since the audit is for the financial year April -March (not March-Feb) and since you have deducted P.F contribution of March from the wages paid in April, they must be asking for the challans of March contribution. Though for P.F contribution relates to March month but for audit purpsoe, the remittance relates to April.Moving forward thus month wage , the 12th remittance for the audit, must have been in March but which relates to Feb month.Thus the contribution period and the finacial period correspond to each other.
B.Saikumar
HR & Labour Law Advsior
Mumbai
From India, Mumbai
Dear Shweta,
You are correct on you side your annual return is from March 11- feb-12. But the auditor is going through the financial calender i.e. April 11- March - 12 thereby as a result they are asking for march challan details. I f you have deposits the contribution provide them eith the same.
Regards
C.M.Mohla
From India, Delhi
You are correct on you side your annual return is from March 11- feb-12. But the auditor is going through the financial calender i.e. April 11- March - 12 thereby as a result they are asking for march challan details. I f you have deposits the contribution provide them eith the same.
Regards
C.M.Mohla
From India, Delhi
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PF Contribution on Leave Encashment - Clarification by EPFO.pdf