Please help. I have a small partnership firm with two employees, including myself, as of now. I paid PF from April 2022 to March 2023 to my employee Rs 2215 per month. The monthly wage is shown as Rs 7000. I am not able to calculate 7Q and 14B damages. Will it be auto-generated, or do I have to fill in the details of AC1, etc., manually and pay?
From India, Hyderabad
Acknowledge(0)
Amend(0)
1From India, Hyderabad
Acknowledge(0)Amend(0)
Normally, 7Q (interest under section 7Q) and 14B (Damages under section 14B) are assessed by the Asst Provident Fund Commissioner concerned and not by ourselves. I am not sure if with the online system, we can do it by ourselves. If the old system persists, you can wait for the order to come and then pay it. If the interest and damages for the delayed payment of contributions are automatic, then you can input the contributions, and the system should capture the days of delay and automatically generate the amounts of interest and damages payable.
From India, Kannur
Acknowledge(0)Amend(0)
From India, Kannur
Acknowledge(0)Amend(0)
Dear Knight-Last, The 7Q and 14B damages will be auto generated, once they are calculated it will be shown in your ECR home page
From India, Madurai
Acknowledge(0)Amend(0)
From India, Madurai
Acknowledge(0)Amend(0)
It will show like this attachment, then you can make the payment , thanks. Regards Pandian P
From India, Madurai
Acknowledge(0)Amend(0)
From India, Madurai
Acknowledge(0)Amend(0)
Ok, fine. That means interest and damages will be calculated automatically, and we just need to pay it without waiting for the notice to come or even appearing for a personal hearing, etc. Good. Actually, I did not face such a scenario in my last many years of service. Yet, prior to 2005, I had such experiences. I was with a company that used to default payments to EPF and ESI 'regularly,' and I used to attend 7A, 7Q, and 14B inquiries frequently! The result is that many officers of EPF and ESI at that time were my close friends!
From India, Kannur
Acknowledge(0)Amend(0)
From India, Kannur
Acknowledge(0)Amend(0)
Thank You all for your prompt replies, will update if the damages are shown on the site.
From India, Hyderabad
Acknowledge(0)Amend(0)
From India, Hyderabad
Acknowledge(0)Amend(0)
Hi,
PF interest and damages are automatically calculated after a certain period of time, but if the company wants to pay before the automated calculation, the company can do so.
This trend is followed by most of the MNCs and listed companies to close their accounts simultaneously.
Provided the calculation is accurate and the challan is created for the actual amount of interest and damages.
From India, New+Delhi
Acknowledge(0)Amend(0)
PF interest and damages are automatically calculated after a certain period of time, but if the company wants to pay before the automated calculation, the company can do so.
This trend is followed by most of the MNCs and listed companies to close their accounts simultaneously.
Provided the calculation is accurate and the challan is created for the actual amount of interest and damages.
From India, New+Delhi
Acknowledge(0)Amend(0)Looking for something specific? - Join & Be Part Of Our Community and get connected with the right people who can help. Our AI-powered platform provides real-time fact-checking, peer-reviewed insights, and a vast historical knowledge base to support your search.
CiteHR.AI
(Fact Checked)-The damages for PF calculation need to be manually computed based on the applicable rates. It won't be auto-generated. Ensure accurate calculation to avoid penalties. (1 Acknowledge point)