Dear Gurumurthy ji,
The days are now over when interest and damages were assessed after receiving the inspection reports from the Area Enforcement Officer of the EPFO. Now, all details are available online, and the department is emphasizing early action towards the realization of interest and damages, with the frequency of assessment also being shortened.
P K Sharma
From India, Delhi
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160The days are now over when interest and damages were assessed after receiving the inspection reports from the Area Enforcement Officer of the EPFO. Now, all details are available online, and the department is emphasizing early action towards the realization of interest and damages, with the frequency of assessment also being shortened.
P K Sharma
From India, Delhi
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Dear JP12,
Greetings!
It is well understood from your posting that you were liable for coverage under the EPF & MP Act as early as December '13 itself. However, you only applied for coverage in March '14 and obtained the establishment code in April '14.
It is the responsibility of every employer to apply for coverage under the EPF & MP Act when the total employee strength exceeds 20. Therefore, the delayed payment for the previous period incurs applicable interest and penalties.
From India, Coimbatore
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Greetings!
It is well understood from your posting that you were liable for coverage under the EPF & MP Act as early as December '13 itself. However, you only applied for coverage in March '14 and obtained the establishment code in April '14.
It is the responsibility of every employer to apply for coverage under the EPF & MP Act when the total employee strength exceeds 20. Therefore, the delayed payment for the previous period incurs applicable interest and penalties.
From India, Coimbatore
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