Tax alert: Rates of damages reduced under the Employees’ Provident Funds Act has been saved
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Tax alert: Rates of damages reduced under the Employees’ Provident Funds Act
19 June 2024
The Ministry of Labour and Employment (‘MLE’) has issued a notification dated 14 June 2024 on the penal damages payable by employers defaulting in the payment of provident fund, pension, and insurance contributions with the objective of rationalising and simplifying the calculation of damages due. This notification has been issued in exercise of the powers conferred to the Central Government under Section 5, 6A and 6C read with subsection (1) of section 7 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 (‘the EPF Act’).
