epfo, EPF Contribution Rules: Is your company depositing money in PF account or not…? But do this – what if your employer does not deposit epf money?

epfo, EPF Contribution Rules: Is your company depositing money in PF account or not…? But do this – what if your employer does not deposit epf money?
epfo, EPF Contribution Rules: Is your company depositing money in PF account or not…? But do this – what if your employer does not deposit epf money?
EPF Contribution Rules: Every month the companies have to deposit the Employees Provident Fund money in the PF account of their employees. As per EPFO ​​guidelines, 12 percent should be deducted from the basic salary plus DA given to the employees every month and deposited in the PF account. The company should also credit the same amount in the employee’s EPF account. EPFO should notify its users through SMS on a regular basis about the monthly deposits into the employees’ PF accounts. Alternatively, employees can also go to the EPFO ​​portal to know how much is being contributed to their PF accounts every month.

Every month the EPF deductions should be deposited by the company into the employees PF account. PF money should be credited within 15 days of payment of salary. But many companies fail to credit PF money. If any employee does not realize that their company is neglecting to make PF contributions, they can also file a complaint with EPFO. After receiving the complaint the governing authority of this retirement fund will take up the inquiry against the company. In this investigation.. If it is found that companies are deducting the EPFO ​​amount from the salary of employees and not depositing it.. this governing body will take legal action.

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EPFO will levy interest on companies for late deposits of EPF deductions. Also, according to the EPF Act, if the deducted money is not deposited in the provident fund account, the companies will also be fined. EPFO has the right to file a complaint against the company under Sections 406 and 409 of the Indian Penal Code (IPC).

EPFO also gives them an opportunity to make their case heard before action is taken against the company. As per current tax laws..If deposits are not made on time in PF accounts..they cannot claim tax benefits on EPF contributions.

Also Read: Have you seen SBI’s tweet.. You can open a bank account from anywhere, anytime like this!

The article is in Telugu

Tags: epfo EPF Contribution Rules company depositing money account not .. employer deposit epf money

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