Dear HR skippers,
We have not remitted the interest under Section 7Q of the EPF and Miscellaneous Provisions Act, 1952, for the belated contribution of the Employer Share and Employee Share for the period from October 2010 to March 2011. We have recently received a demand notice from the RPF Assistant Commissioner to make the interest payment within 7 days of receipt of the notice. Some of my friends have informed me that "Additional Interest" has to be paid for the belated interest payment under Section 7Q (Interest on Interest). However, Section 7Q stipulates only simple interest. I require guidance on whether we have to make an additional interest payment for the belated payment of interest under Section 7Q. Thank you in advance for your valuable replies.
With regards,
R Ganesan
From India, Coimbatore
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We have not remitted the interest under Section 7Q of the EPF and Miscellaneous Provisions Act, 1952, for the belated contribution of the Employer Share and Employee Share for the period from October 2010 to March 2011. We have recently received a demand notice from the RPF Assistant Commissioner to make the interest payment within 7 days of receipt of the notice. Some of my friends have informed me that "Additional Interest" has to be paid for the belated interest payment under Section 7Q (Interest on Interest). However, Section 7Q stipulates only simple interest. I require guidance on whether we have to make an additional interest payment for the belated payment of interest under Section 7Q. Thank you in advance for your valuable replies.
With regards,
R Ganesan
From India, Coimbatore
Acknowledge(0)Amend(0)
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EPF Act.ppt