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
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
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EPF Interest 2008-2009.pdf
EPF Interest Calculator.xls