ganeshr24475
Dear HR skippers,
We have not remitted the Interest U/s 7Q of the EPF and Misc Provisions Act, 1952 for the belated contribution of Employer Share and Employee Share for the period from 10/10 to 03/11.
We have recently got demand notice from the RPF Asst Commissioner to make the Interest Payment within 7 days of receipt of Notice.
Few of my friends informed that "Additional Interest" has to be paid for the belated Interest payment U/s 7Q (Interest on Interest). But 7Q stipulates only simple Interest.
Require guidance whether we have to make additional interest payment for belated pyment of Interest U/s 7Q
Thank you in advance for your valuable replies.
With regards,
R Ganesan

From India, Coimbatore
tsivasankaran
368

There is no additional interest on Interest. Both EPF and ESI acts prescribes simple interest
From India, Chennai
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.





Contact Us Privacy Policy Disclaimer Terms Of Service

All rights reserved @ 2024 CiteHR ®

All Copyright And Trademarks in Posts Held By Respective Owners.