EPF RETURN FILING

EPF RETURN FILING

Employee Provident Fund (EPF) is a plan controlled by the Employees Provident Funds and Miscellaneous Provisions Act, 1952. It is managed by Employee Provident Fund EMPLOYEE (EPFO). PF registration is applicable for all establishment which utilizes at least 20 people. PF registration can likewise be obtained intentionally by establishments having under 20 employees.

  • Provident fund is a government managed retirement framework that was introduced for empowering investment funds among employees, in order to help them over the span of their retirement.
  • Contribution are made by the employer and the employee month to month. PF Contribution must be removed by the employee at the hour of his/her retirement, notwithstanding a couple of exemptions.
  • All employers having PF registration are capable to file brings month to month back.

To advance the mentality of reserve funds among the employee and furthermore to help them during retirement a government managed retirement arrangement of Provident fund was introduced. Contribution towards the PF are made by both the employer as well as the employee consistently. The contribution made towards the PF can be just drawn by the employee just during the period of their employment, however there are a couple of special cases.

The employers that have PF registration have to file the PF return monthly. The PF return filings are to be finished by the 25th of every month. The employers can file the PF return through the Unified Portal.

DUE DATE FOR FILING PF RETURNS:

The due date for filing monthly return are as follow-

  • The due date for monthly Challan settlement to Bank for PF is 15th

of Each and every Month

  • The due date for Month to month PF returns is fifteenth of ensuing month
  • The due date for yearly returns is 30th April every year.

ADVANTAGES OF PF RETURN FILEING PROVIDENT FUND) RETURN

There are various types of advantages which can got from filing the PF return. Coming up next are the advantages of filed the PF return:

  • Government assistance of the Employees

The employees will comprehend that the organization esteems the government assistance of the employee. This will build how much employee government assistance. 

  • Consistence with Regulation

Any employee consenting to the necessities of EPF will profit from the plan. Aside from this, the company would likewise stay transparent all through the entire course of Provident fund registration. 

  • More social security retirement aide

Aside from having a solid arrangement of government backed retirement, the entire cycle connected with PF is overseen by the Employee Provident Fund Organization (EPFO). Such organization directs the whole course of PF registration. Thus conforming to such frameworks makes the whole interaction bother free. 

  • Benefits of insurances

Any organization which doesn’t have some type of protection would get the advantages of the Employee Store Connected Protection Plan (EDLI). Through this plan employee can get the advantages of protection. For this 5% of the month to month contribution should be paid as an expense for this type of protection to be relevant. 

  • Health advantages

An employee can pull out unambiguous measure of pay from this contribution which is identical to multiple times or the whole sum whichever is lesser for clinical costs during crises 

  • Benefits connected with Tax collection-

There are various types of tax collection benefits under this plan. Such advantages can be delighted in by both the employer and the employee.

 

WHAT INFORMATION MUST BE GIVEN BY THE EMPLOYER?

Employer requirements to furnish following information alongside EPF Form which can be downloaded from EPFO site-

  • Name and address of the company alongside head office and branch details.
  • Date of Joining of company.
  • Give details of employee (name, date of joining, compensation, and so forth)
  • Business pf the company
  • Director’s Details
  • Banking details of the company
  • PAN Details

 

WHAT IS THE METHODOLOGY OF FILEING PF RETURN?

The cycle where PF return must be filed by the employer must be in consistence with the prerequisites of the Unified Portal of PF filing. Any employer that is registered under the arrangement of Employee Provident Fund System needs to think about filed the profits on time compulsorily.

  • Form 2-Such form is used by the employer for a lead conspire under the Employee Family Plan used by the employee. For the abovementioned, Form 2 should be submitted alongside Form 5. In this segment both section A and part B should be filed according to the prerequisites.
  • Form 5-This is a month to month consistence and report which is expected to be filed. Any employee who is recently signed up for the frameworks connected with opportune asset.
  • Form 10-For any type of individual or employee who isn’t important for the organization would be available under this form. 
  • PF Yearly Filing– By 30th April of each and every year, the yearly returns for PF should be filed. This should be brought out through filed Form 3A and Form 6A. 
  • Account Statement Filed Every year -Alongside this, the EPFO needs to send the account statement with respect to the filings-
  • Duplicate of partnership deed (if there should arise an occurrence of organization firm)
  • Certificate of incorporation (if there should arise an occurrence of Private or Public company)
  • Registration Certificate (if there should arise an occurrence of society)
  • PAN details of the company
  • Salary details of employees
  • Balance sheet Details

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