Hi, I would like to inquire about EPFO 7A regarding the Labour Charges for statutory consideration and material consideration. Since the financials are combined with material and labour charges and referred to as Labour Charges, kindly share your thoughts.
Thanks and Regards,
Rama Narayana Sharma
From India, Hyderabad
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Thanks and Regards,
Rama Narayana Sharma
From India, Hyderabad
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"Labour Charges for Statutory Consideration & Material Consideration" refers to whether the payment made to a contractor includes both labor and material costs. When the EPF Enforcement Officer inspects your office and requests contributions based on the contractor payment, an inquiry under Section 7A of the EPF & MP Act may be initiated, and you may need to defend against it.
Typically, only the portion of the payment attributed to labor qualifies for PF and ESI contributions if you can provide documentary evidence separating labor and material costs in the contractor payment. Please verify this information.
From India, Kannur
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4526Typically, only the portion of the payment attributed to labor qualifies for PF and ESI contributions if you can provide documentary evidence separating labor and material costs in the contractor payment. Please verify this information.
From India, Kannur
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E compliance.pdf
Statutory Compliance of a Industrial or Commercial Unit.xls