Hi,
I am working with an IT Telecom organization as a Sr. HR Manager. I have received a summons to appear for a hearing for payment of interest under section 7Q. That is a huge amount. My PF consultant said that we cannot waive off this amount, and we have to pay it. Is there any way out to sort this issue?
From India, Delhi
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I am working with an IT Telecom organization as a Sr. HR Manager. I have received a summons to appear for a hearing for payment of interest under section 7Q. That is a huge amount. My PF consultant said that we cannot waive off this amount, and we have to pay it. Is there any way out to sort this issue?
From India, Delhi
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Our company is registered under shops & establishment Act,Gurgaon.
From India, Delhi
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From India, Delhi
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The employer shall be liable to pay simple interest at the rate of twelve percent per annum or at such a higher rate as may be specified in the Scheme on any amount due from the Company under this Act from the date on which the amount has become due till the date of its actual payment. Provided that a higher rate of interest specified in the Scheme shall not exceed the lending rate of interest charged by any scheduled bank.
Please appear for a hearing and produce your payment details (Challans) to the Competitive Authority. Before appearing, you should reverify the payment date and interest calculation. There are chances that EPF officials might wrongly put the higher rate of interest or wrongly calculated the interest.
From India, Bangalore
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2Please appear for a hearing and produce your payment details (Challans) to the Competitive Authority. Before appearing, you should reverify the payment date and interest calculation. There are chances that EPF officials might wrongly put the higher rate of interest or wrongly calculated the interest.
From India, Bangalore
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Liability against Section 7(Q) arises due to delayed payment of contributions, and it must be complied with unless and until your payment history, along with your own calculation, suggests otherwise.
Normally, these notices are issued by the Assistant PF Commissioner (Compliance) of your jurisdiction, and trust me, they will listen to you if you have all the documents to prove your point.
Best Wishes, Jayanta
Email: trustsolutions.delhi@gmail.com
From India, Ghaziabad
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Normally, these notices are issued by the Assistant PF Commissioner (Compliance) of your jurisdiction, and trust me, they will listen to you if you have all the documents to prove your point.
Best Wishes, Jayanta
Email: trustsolutions.delhi@gmail.com
From India, Ghaziabad
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Whilst agreeing with Mr. Jayanta here, you have to represent the matter properly with any available records of timely payment. Otherwise, you need to pay the penal interest and ensure it is not repeated in the future.
Take some time from the Assistant Commissioner if the amount is too huge and pay off in two or three installments if agreed upon with the delays.
From India, Hyderabad
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Take some time from the Assistant Commissioner if the amount is too huge and pay off in two or three installments if agreed upon with the delays.
From India, Hyderabad
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