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Compliance Checklist under the EPF Act
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Compliance Checklist under the EPF Act
S.No. | Provisions | Compliance |
1 | Employer and Employee’s PF dues | 15th of the following month |
2 | Payment of Pension Fund | 15th of the following month |
3 | Payment of Insurance Fund | 15th of the following month |
4 | Detail of employees | Detail of employees enrolled as members PF fund, within 1 month of coverage in the prescribed form |
5 | Nomination Form | Immediately on Joining the fund in the prescribed form |
6 | Addition of members | Detail of newly enrolled members within 15 Days of the following month in the prescribed form |
7 | Deletion of member | Detail of members left service during the monthbefore21st of the following month in the prescribed form |
8 | Return of ownership of the establishment | Within 15 days on coverage and whenever there is a change in ownership |
9 | Transfer of PF | Form 13 needs to file |
In case of delay of PF Challan payment, the following penalties are applicable:
Interest for late payment: Under Section 7Q an interest of 12% per annum, is levied on the employer every day in case of failure to deposit the EPF contribution before the deadline.
Penalty for late payment: Under Section 14B, the following penalties need to be incurred in case of failure of EPF Challan payment.
- 5% interest p.a for a delay of up to 2 months
- 10% interest p.a for a delay of 2-4 months
- 15% interest p.a for a delay of 4-6 months
- 25% interest p.a for a delay of more than 6 months
The Union government has suggested stringent penalties for violation of Provident Fund rules, including non-payment of contribution to the Fund despite deducting it from employees.
While the proposed Act will retain the condition of imprisonment of at least one year, it has enhanced the penalty limit on the establishment to be paid along with serving the jail term.
Our team will act as Authorized Representative and solve the compliance-related notices in a timely and efficient manner
Documents Required
- Epf notice received from EPF department
- Authorization letter
- Epf Returns/ Documents related to Notice Period
- Any Other Documents as mentioned in Notice
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