PROVIDENT FUND RETURN

Employees Provident Fund is a retirement benefit programme for all salaried individuals. Employees Provident Fund Organization of India (EPFO) manages this fund, and every business with 20 or more employees must register with EPFO.

Employer and employee each contribute 12 percent of the employee’s base pay to the EPF account while they are employed. The entire 12 percent contributed by the employee plus the employer’s 3.67 percent contribution are deposited to the employee’s EPF account. 8.33 percent of the remaining employer funds are redirected to the Employees’ Pension Fund (EPF).

ONLINE BENEFITS OF EPF

BENEFITS OF EPF

The employer who is registered with the PF Act is required to make the payment, even if both the employer and the employee are required to make contributions to the PF account. All registered employers must make payments online as of September 2015 or face penalties. If the bank offers direct payment through its website, the payment can be done there as well as on the EPF’s official website. For collecting EPF debt, EPFO presently has agreements with the following banks:

  • SBI PNB
  • Allahabad Bank Indian Bank
  • Indian Union Bank
  • Baroda Bank
  • Bank HDFC
  • Axis Bank
  • Kotak Mahindra Bank

Employers must be provided the below information

 

  • Name, address, head office, and branch information for the business
  • Date of the Company’s Incorporation
  • Provide employee information (name, date of joining, salary, etc)
  • operations of the business
  • Director’s information
  • banking information for the business
  • PAN specifics

BENEFITS OF PF FILING RETURN

Eligible instruments under section 80c

PROCEDURE FILING PF RETURNS

The process in which PF return must be filed by the employer has to be following the requirements of the Unified Portal of PF filing

  • Form 2: This form is used by the employer for a prominent program offered by the employee’s family plan. Form 2 must be submitted along with Form 5 for the aforementioned. Both Part A and Part B in this section must be submitted in accordance with the rules.
  • Form 5: is monthly compliance and report that must be submitted. every employee who has just signed up for the provident fund systems.
  • Form 10: This form would be used for any type of individual or employee who is not a part of the organization.
  • Annual PF Filing: Annual PF returns must be filed by April 30th of each year. Form 3A must be submitted to accomplish this.

ANNUAL ACCOUNT STATEMENT FILED

  • Copies of partnership agreements (In case of partnership firm)
  • Declaration of Incorporation (In case of Private or Public Company)
  • Certificate of Registration (In case of society)
  • PAN information for the business
  • Evidence of Incorporation
  • details about employees’ salaries
  • Balance Sheet information

EPF Registration is required for businesses and organizations with more than 20  employees. Online registration is preferred but offline registration is also an option.

 

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