Provident Fund is a social security scheme made by the government in order to encourage saving among employees and to provide them benefits after retirement in the form of pension.
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.
Welfare of the Employees -The employee will get the feeling of security and thereby increasing the welfare of the employee.
Compliance with Law - Any company complying with the requirements of EPF will be benefitting from the scheme. Apart from this, the company would also remain transparent throughout the whole process of provident fund registration.
Medical Benefits - An employee can withdraw specific amount of salary from this contribution which is equivalent to six times or the entire amount whichever is lesser for medical expenses during emergencies.
Benefits related to Taxation - There are different forms of taxation benefits under this scheme. Such benefits can be enjoyed by both the employer and the employee.
Under the Flagship scheme of the Employment Provident Fund and the Employment Family Pension Scheme, Form 2 is filed as a declaration and nomination. Employees who are new to the establishment must fill out Form 2. This form must be filed in conjunction with Form 5. Form 2 is broken into two halves.
FORM 2 - PART A:
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 must be signed or needs to have a thumb impression to be made at the end of the section.
FORM 2 - PART B:
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.
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:
Both the employee and the employer must contribute 12% of the employee’s salary to the EPF account.
All employers that have applied for PF registration must file PF return on monthly basis. The PF returns must be filed on the unified site by 15th of each month.
Monthly PF returns are due on the15th of the following month.
The annual return filing deadline is on the 30th April of each year.
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