What is 14B and 7Q in EPF?

If an employer makes payment of dues after the due date, he/she is liable to pay damages under Section 14B and interest under section 7Q. When a remittance is deposited on the unified portal after due date, the system will automatically calculate 14B/7Q, and generate challan for online payment of the same.

What is para 26 6 of EPF scheme?

Further, as per Para 26(6) of the Scheme, the procedure for enhancement of contribution stipulates that an officer not below the rank of an Assistant Provident Fund Commissioner may, on the joint request in writing, of any employee and his employer, allow him to contribute more than the prescribed amount.

What is MP Act in EPF?

Short Title: The Employees Provident Funds and Miscellaneous Provisions Act, 1952. Long Title: An Act to provide for the institution of provident funds pension fund and deposit-linked insurance fund for employees in factories and other establishments.

Who is exempted from EPF?

As an employer, you may be exempt from registering for the EPF scheme if you employ fewer than 20 people in your organization, or if most of your employees voice their consent for exemption. In the latter case, you may still be subject to certain conditions and will be required to undergo several formalities.

What is 14B hearing?

Damages under section 14B of the EPF & MP Act can be recovered from the transferee – The Employees Provident Funds and Miscellaneous Provisions Act, 1952. Liability to pay EPF contribution and damages would be joint and several by both the transfer or and trans- feree companies.

What is Section 7A in EPF?

Section 7A is the provision under which PF commissioners (who are vested with the powers of a civil court), can initiate an inquiry, by order, to determine (i) the applicability of the EPF Act to an establishment in case of a dispute; and (ii) to determine amounts due from any employer under the EPF Act and its schemes …

What is para 2 F of the EPF scheme 1952?

Employees covered under the scheme – As per section 2(f), “employee” means any person who is employed for wages in any kind of work, manual or otherwise, in or in connection with the work of an establishment, and who gets his wages directly or indirectly from the employer.

What is the meaning of claim against para 69 2?

Further, Para 69HH read with Para 69(2) (explained in detail below) provides that if the individual remains unemployed for a tenure of 2 months or more or is working in an establishment where the scheme is not applicable, he is allowed to withdraw the remaining 25% and settle the PF amount completely.

What is Section 14B of Provident Fund Act?

What is AC No 2 in PF?

A/C no 2: PF admin account. 0.5% 15000*0.005=75. A/C no 10: EPS account. 8.33%

What if company is not paying PF?

Ans : The Employees’ PF Organization will invoke penal provisions of the Act to recover the dues from the employer. Complaint can be lodged with Police under section-406/409 of IPC by the EPFO for action against such employers.

Is PF mandatory for salary below 15000?

EPF deduction is mandatory for employees who draw a salary less than Rs 15,000, but others can opt-out of this scheme through a declaration made in Form 11 of EPFO.