In this post, we will discuss the latest news about Provident Fund. According to the recent news by EPFO, PF online registration facility for organizations and employers has been provided.
EPFO has launched facilities for employers to pay dues and update ownership details online.
The retirement fund body (EPFO) has provided the facility for online submission of Form 5A. They have discontinued the physical submission of the form.
Earlier, the employers had to submit a physical copy of Form 5A to the concerned EPFO field office upon new registration of establishment and whenever there was any change in the ownership details.
At present, employers can update Form 5A online and submit with the e-signature. Also, this will not only reduce the paperwork but also avoid the need to visit EPFO field offices.
EPFO introduced the facility for the online payment of Section 14B and Section 7Q dues.
EPFO also said that establishments will be allowed to pay the penalties online without visiting EPFO offices.
Hence, to facilitate the ease of doing business, it has launched the online facility for calculation and payment of damages u/s 14B and interest u/s 7Q against the belated remittances.
Under this new functionality for belated payment, the employer can select the cases where he/she is liable to pay damages u/s 14B and interest u/s 7Q.
This system will generate auto challan for Section 14B and Section 7Q. The employer can know the 14B and 7Q dues immediately and can make the payment accordingly. He/ she can avoid the requirement of visits to EPFO field offices.
Related: TDS on PF withdrawal