Companies Have To Pay Only Rs.1 Damages For Each Year Of Default
-- Amnesty scheme is open from Jan 1 up to March 31, 2017.
-- It applies in respect of employees who were not enrolled under the EPF scheme during April 1, 2009 up to December 31, 2016.
Under the amnesty scheme India Inc. has to:
-- Deposit employer's past contribution payable under the EPF scheme.-- Deposit employee's past contribution only if it has been deducted from salary.
-- Pay interest at 12% per annum from the date of actual payment.
-- Pay a reduced nominal damage charge of Re 1 per annum for the delay.
Regards, CA Rahul Gupta
(Practicing Chartered Accountants)
M R T & Associates, Chartered Accountants
www.linkedin.com/in/cargupta
The enrolling employees are covered some of tax amount to pay for their product for buying products demages. Applies the number of employees are gained with amnesty scheme. Contribution is taken for calculating the respective returns in India. THe salary with includes the PF and interest rate also. The nominal demages are charged with their salary amount. You can get the tax related aspects and rate from Government approved GST Provider
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