To promote the attuite of savings amongst the employees and also to benefit them during retirement a social security system of Provident fund was introduced. Contributions towards the PF are made by both the employer as well as the employee every month. The contribution made towards the PF can be only drawn by the employee only during the time of his or her employment, but there are a few exceptions.
The employers that have PF registration have to file the PF returns monthly. The PF return filings are to be completed by the 25th of each month. Here we will talk about the various forms used for PF return filing in detail. The employers can easily file the PF return through the Unified portal.
Form 2 is filed as a declaration and nomination under the Flagship scheme of the Employment Provident Fund and the Employment Family Pension Scheme. Form 2 must be filed by the employees who are joining the establishment. This form is to be submitted with Form 5. Form 2 is divided into 2 different parts.
Part A of Form 2 deals with nominating the recipients of the EPF balance of the particular account holder, in the event of his or her death. This part of the form must include the following details:
This Part has to be signed or needs to have a thumb impression to be made at the end of the section.
The details of the nominee as already mentioned in Part A should also be included in Part B. Additionally, the details of the members who are eligible to receive the children/ widow pension must be furnished.
This Part again must be signed duly or a thumb impression has to be made at the end of the section.
Form 5 is a monthly report that contains the details of the employees who are newly enrolled in the provident fund scheme. Form 5 must include the following details:
The form is to be filed and stamped by the employer with the date of filing mentioned on it.
It is a monthly report that includes the details of the employees who have ceased to be a part of the scheme on the given month. Form 10 includes the following details.
Form 10 must be filed and stamped by the employer with the filing date of the form.
This Form 12 A is a report that contains the payment details that are contributed to the account of the respective employee in a particular month.
Pricing for Stand-Alone GST Software
Includes all features required to grow a micro business
Includes all features required to grow a small business
Includes all features required to grow a medium business
Minimum 6 month commitment required
The annual returns are to be filed by the 30th of April in a given year. The forms that are utilized for filing the annual PF returns are
The Form 3A depicts the month-wise contribution to the subscriber or members and the employers towards the Employee Provident Fund and the Employee Pension Fund in a year. The data is calculated by every member who is a part of the scheme. Additionally, the scheme will include the following details
Form 6A is a consolidated annual contribution statement that includes details about the annual contribution of each member of the establishment. The Form has to include the details as they are enumerated below:
Besides this, the following details should also be included in the amount remitted column:
The employer has to file the PF returns through the above-mentioned forms, the Employee Provident Organization sends the annual account statement of each subscriber through the employer. The statement of the accounts will reflect the prevails the following details:
All the employers who have obtained PF registration are required to do PF return filing on monthly basis. The PF returns are to be filed by the 15th of each month on the unified portal.
The employer and the employee both have to both contribute 12% of the basic salary of the employee in the EPF account.
PF registration is mandatory for the employees who have a basic salary of dearness allowance is up to 15,000 and for those who are earning beyond Rs.15,000 it is not mandatory to get PF registration.
You cannot apply for withdrawing the EPF account balance immediately after the resignation from the company. In case if the applicant is choosing to withdraw money in the PF account before completing 5 years, you will liable to pay tax on the amount.
If the member has more than EPF member ID i.e EPF account and the EPF account of accounts have not been transferred to the latest EPF account, then the member is required to get the PF transferred into the current EPF account.
When the employee applies for EPF it takes 5-30 days to get the PF amount into the bank account. But the time depends on how fast the EPFO officer clears the claim. Some EPFO office clears the claim in 5 days while some take more days.
Offline transfer of the PF may be done only if the transfer from an exempted establishment to another exempted establishment. For other cases, it can be made online.
If a member more than one EPF member ID and the EPF account has not been transferred to the latest EPF account then the member is required to get the PF transferred into his current EPF account.
The due date for Monthly Challan remittance to the Bank for PF is the 15th of every month.
The due date for monthly PF returns is the 15th of the subsequent month.
The due date for yearly return filing is the 30th of April every year.
Last updated: June 30, 2021