Provident fund is a social security system that was introduced for the purpose of encouraging savings among employees, so as to benefit them during the course of their retirement. Contributions are made by the employer and the employee on a monthly basis. PF contributions can only be withdrawn by the employee at the time of his/her retirement, barring a few exceptions. All employers having PF registration are responsible to file returns on a monthly basis. The filing of returns must be completed by the 25th of each month. This article deals with the filing of provident fund returns, and the various forms through which the purpose must be fulfilled
Employers can now easily file PF return through the Unified Portal.
This form is filed for the purpose of declaration and nomination under the flagship schemes of Employees Provident Fund and Employees Family Pension. It must be filed by an employee when he joins an entity. The form must be submitted along with Form 5. Form 2 is divided into two distinct parts:
Part A of Form 2 specifically deals with nominating the recipients of EPF balance of a particular account holder, in the event of his/her death. The following details of the nominee must be included in this part of the form:
Note: This section must be signed or a thumb impression has to be made at the end of the section.
Part B should contain the details of the nominee as already specified in Form A. In addition to it, details of the family members who are eligible to receive the children/widow pension must be furnished.
Note: This section must be signed or a thumb impression has to be made at the end of the section.
Form 5 is a monthly report which contains details pertaining to the employees who have been newly enrolled into the provident fund scheme. The form must include the following details:
Note: The form must be filed and stamped by the employer, with the date of filing of form.
Form 10 is a monthly report that contains details of the employees who have ceased to be a part of the scheme on a given month. The following details must be filled in the form:
Note: The form must be filed and stamped by the employer, with the date of filing of form.
Form 12A is a report that includes the details of the payments contributed to the account of the respective employee in a particular month.
Annual returns must be filed by the 30th of April in a given year. The forms utilized for filing these returns are:
Known as a member’s annual contribution card, Form 3A depicts the month-wise contributions made by the subscriber/member and employer towards E.P.F and Pension Fund in a particular year. The data is calculated for every member who is a part of the scheme. In addition to it, the scheme will include the following details:
Note: The form must contain the signature and seal of the employer.
Form 6A is a consolidated annual contribution statement that contains details about the annual contributions of each member of the establishment. The form should include the details as enumerated below:
Besides, the following details shall be included in the ‘Amount Remitted’ column of the form:
While the employer is entrusted with the responsibility of filing returns through the above-mentioned forms, the Employees Provident Fund Organization (EPFO) is regulated to send the annual statement of accounts to each subscriber through his/her employer. The statement of accounts will reflect the following details:
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TDS deduction on salary is mandatory for all employees earning taxable income. The employer is responsible for TDS deduction and TDS filing. We take care of computing TDS and filing TDS returns.
Any person responsible for deducting tax at source (TDS) from salary is required to issue Form 16 in the prescribed format to the employee at the end of each year. We will prepare and issue Form 16 for all employees.
Employees earning taxable income are required to file income tax return each year. We offer free Income Tax eFiling for all employees enrolled in your company. We will also assist them with any tax compliance questions.
Provident Fund is applicable for all employers in India having more than 20 employees. Employers required to comply under PF regulations must deduct PF from employees, make the requisite contribution and file PF returns. We will assist with PF compliance.
Any factory or establishment employing 10 or more persons drawing wages of less than Rs.21,000 per month must obtain ESI registration and comply with ESI regulations. We will assist and ensure compliance under ESI regulations.
Professional Tax is a tax levied by the State government. Professional tax is levied on income however earned in any trade and is usually paid by the employer. We will assist and ensure compliance under the relevant State Professional Tax regulations.
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