What is section 7Q in EPF?

Section 7Q in The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. 1[7Q. Interest payable by the employer. —The employer shall be liable to pay simple interest at the rate of twelve per cent.

What is 7Q damages in PF?

If an employer makes payment of dues after the due date, he/she is liable to pay damages under Section 14B and interest under section 7Q. When a remittance is deposited on the unified portal after due date, the system will automatically calculate 14B/7Q, and generate challan for online payment of the same.

What is 14B damages in PF?

Damages under section 14B of the EPF & MP Act can be recovered from the transferee – The Employees Provident Funds and Miscellaneous Provisions Act, 1952. Liability to pay EPF contribution and damages would be joint and several by both the transfer or and trans- feree companies.

What is the latest amendment in PF?

The CBDT has however said that PF contributions up to March 31, 2021, will remain tax-free. There is a provision of opening two PF accounts after this amendment — one of which will be the taxable account and the other will be tax-free.

Is it mandatory to deduct PF from salary more than 15000?

If you are drawing a salary higher than Rs. 15,000 per month, you are termed a non-eligible employee and it is not mandatory for you to become a member of the EPF, although you can still register with the consent of your employer and approval from the Assistant PF Commissioner.

Why is Form 5A required?

Employee form 5 A is an internal document of the establishment /companies registered under the employee provident fund scheme. It is a monthly report on new employees joined the establishment, the entire employee should join the EPFO scheme and form 5A keeps a track record of new employees and their PF details.

What is the penalty for late payment of PF?

Delay in deposit of P.F. dues attracts penal damages. 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. Levy of damages at lesser rates is not permissible under the EPF & MP Act.

How is PF damages calculated?

Can I pay EPF late charges online?

Click Late Payment Charge/Dividend. The summary of Late Payment Charge/Dividend screen will be displayed. Click View Details to view more information. The details of Outstanding Late Payment Charged/Dividend will be displayed.

What are the new Rules for PF in 2021?

The opening balance of the PF account as of 1st April 2021 is ₹20 lakh. The total contribution to the provident fund account during the FY 2021-22 is ₹3 lakh. Hence, ₹2.5 lakh EPF contribution will be credited to the non-taxable account, and ₹50,000 will be credited to the taxable account.

Is it illegal for the company not to deduct PF if the salary is above 20000?

If your starting salary is above 25000 Rs then it is not mandatory to deduct PF. But if you are already a member of EPF and your monthly salary increases to above 25000 Rs then you have to continue your PF contribution, but PF will be calculated on a limit 0f 15000 salary only.

What is form 5A under EPF?

What is form 5A under PF act?

Centre. PF Act. Employer shall file a return on particulars of ownership in the given format showing the particulars of all the branches and department owners, occupiers, directors,partners, manager or any other person or persons who have the ultimate control over the affairs of such factory or establishment, online.

How can I complaint against EPF?

If your are an employee: [email protected]. If your are an employer: [email protected]. You may also make a call at our toll-free number: 1800118005.

How is interest and damage paid in EPF?

Process for EPF Payment Online

1. Log in to the EPFO portal using your Electronic Challan cum Return (ECR) credentials.
2. Check whether the details such as establishment ID, Name, Address, Exemption status, etc.
3. Go to the ‘Payment’ option from dropdown list and select ‘ECR Upload’

How much is the penalty for late PF?

If contributions are made later than the 15th of following month (if the 15th is a holiday the deadline will be the last working day before the 15th) , a fine of 6% per annum for each day overdue will be charged.