Tax alert: Clarification on applicability of damages under Employees’ Provident Funds Act has been saved
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Tax alert: Clarification on applicability of damages under Employees’ Provident Funds Act
12 September 2024
The Ministry of Labour and Employment (‘MLE’) had, vide notification dated 14 June 2024, reduced the rate of damages payable by employers defaulting in the payment of provident fund, pension, and insurance contributions. In furtherance to the same, MLE has now issued a notification dated 28 August 2024 clarifying the period from which the new rate of damages will be levied.
