The Employees Provident Fund Organisation vide its notification dated 4th February 2020 has issued a provision to knock off the auto calculated challans for damages and interest amount under section 14b and 7Q with miscellaneous challans.
EPFO in order to facilitate ease of doing business, has earlier launched an online functionality for calculation and payment of damages under Section 14B and interest under Section 7Q against belated remittances. 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. It has been informed by some offices that in some cases, instead of making payment against the auto calculated amount, the employer deposits 14B/7Q amount through miscellaneous challans. In such cases the auto calculated entries remain in the system as open entries and is shown as pending against employer.
Therefore in order to overcome the issues, EPFO has issued a provision for knock off auto calculated 14B and 7Q with miscellaneous challan at FOINTEFAGE. The procedure for the same is explained in the notification.
Click here to read the Notification.
