Hi,
I am Working with IT Telecom organisation as an Sr. HR Manager. Where i have received Summons to appear for hearing for payment of interest u/s 7Q. That is a huge amount. My PF consultant said that we can not wave off this amount and we have to pay it.
Is there any way out to sort this issue?
From India, Delhi
I am Working with IT Telecom organisation as an Sr. HR Manager. Where i have received Summons to appear for hearing for payment of interest u/s 7Q. That is a huge amount. My PF consultant said that we can not wave off this amount and we have to pay it.
Is there any way out to sort this issue?
From India, Delhi
The employer shall be liable to pay simple interest at the rate of twelve percent per annum or at such higher rate as may be specified in the Scheme on any amount due from Company under this Act from the date on which the amount has become due till the date of its actual payment: Provided that 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 Competitive Authority. Before appearing, you should reverify the payment date and interest calculation. There are chances that EPF official might wrongly put the higher rate of interest or wrongly calculated the interest.
From India, Bangalore
2Please appear for a hearing and produce your payment details (Challans) to Competitive Authority. Before appearing, you should reverify the payment date and interest calculation. There are chances that EPF official might wrongly put the higher rate of interest or wrongly calculated the interest.
From India, Bangalore
Liability against Sec 7(Q) arises due to delayed payment of contribution and it has to be complied with unless and until your payment history + your own calculation suggests otherwise.
Normally, these notices are issued by Asst PF Commissioner (Compliance) of your jursidiction and trust me they will listen to you if you have all the documents to prove your point.
Best Wishes,
Jayanta
From India, Ghaziabad
Normally, these notices are issued by Asst PF Commissioner (Compliance) of your jursidiction and trust me they will listen to you if you have all the documents to prove your point.
Best Wishes,
Jayanta
From India, Ghaziabad
Whilst agreeing with Mr.Jayanta here, you have to represent the matter properly with any available records of timely payment or else you need to pay the penal interest and ensure it is not repeated in future.
Take some time from the Assistant Commissioner if the amount is too huge and pay off in two or three installments, if agreed with the delays.
From India, Hyderabad
Take some time from the Assistant Commissioner if the amount is too huge and pay off in two or three installments, if agreed with the delays.
From India, Hyderabad
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