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Provident Fund

Employees Provident Fund, 1952 governs the Employees Provident Fund (EPF). Employees Provident Fund Organization regulates it (EPFO). PF registration is required for any business that employs 20 or more people. PF registration is also available voluntarily for companies with fewer than 20 employees

  • The PF is a social security scheme established to encourage employees to save or benefit them during their retirement years.
  • Employer and employee contributions are made monthly. With a few exceptions, the employee can take PF payments after they retire.
  • All PF-registered employers are required to file returns monthly.

What is the PF Return Filing Process?

The employer filing a PF return procedure must follow the Unified Portal for PF Filing's guidelines. Any employer who participates in the Employees Provident Fund System must consider filing the returns on time.

Form 2nd

The employer uses this form for a flagship scheme under the Employee Family Scheme, which the employee uses. To complete the preceding, Form 2 must be filed with Form 5. According to the rules, parts A and B must be filed in this section.

Form 5

This is a monthly compliance and report that must be submitted—any employee who has recently enlisted in the provident fund systems.

  • The company's banking information
  • PAN information
Form 10

This form would include any individual or employee who is not a member of the organization.

Annual PF Filing

This must be filed by April 30th of each year and submitted Form 3A and Form 6A.

Account Statements

In addition, the EPFO is required to furnish the annual account statement for the filings.

Documents Required for EPF Registration

  • PAN Card of the Proprietor/Partner/Director.
  • Proof of address such as the Electricity Bill or Water Bill or Telephone Bill of the Registered Office (not older than 2 months).
  • Aadhar Card of Proprietor/Partner/Director.
  • Shop and establishment Certificate/GST Certificate/ any License issued by the government for the establishment.
  • Digital Signature of the Proprietor/Partner/Director.
  • Cancelled Cheque or Bank Statement of Entity.
  • Hired/Rented/Leased Agreement, if any

Points to Remember About the Provident Fund:

Return on PF

Every month, all entities with PF registration must file a PF return. The PF return is due on the 25th of each month. A final PF return is also scheduled on April 25th for the fiscal year concluded on March 31st.

Payment of the PF

Payments to the Provident Fund (PF) are due on the 15th of each month. Every month, on or before this day, the employer must deposit a total of 12 % or 10% of the employee's earnings into PF. The PF rate of 12 percent would be appropriate for most businesses.

UAN

It stands for Universal Account Number. It is a 12- digit number assign to each employee contributing to EPF. This number is allotted by EPFO. For both employers and employees, the Employee Provident Fund has created the Unified Portal to streamline and simplify all parts of the provident fund. Employees with a new UAN can use the Unified Portal to access various services.

Why TaxDraw?

TaxDraw is an excellent business platform and a forward-thinking concept that assists clients in India and worldwide with end-to-end incorporation, compliance, advice, and management consultancy services. With TaxDraw, filing PF returns is simple, easy, less expensive, and faster. TaxDraw also makes it simple to file Income Tax Returns, TDS Returns, GST Returns, and ESI Returns, in addition to PF returns.

Plans

Rs. 999 All inclusive price

Starter

  • One PF Return (Ecr) Up to 10 Employees
Rs. 9999 All inclusive price

Plus

  • One PF Return (Ecr) Up to 20 Employees
Rs. 14999 All inclusive price

Pro

  • One PF Return (Ecr) Up to 50 Employees

FAQ's

If the returns are not filed for a length of time after registration, the department may issue a notice or summons to the relevant employer for noncompliance.

After the dues are paid, PF members will get full interest for each due month, with no effect on the interest due on contributions paid.

The EPF returns are based on the UAN, which means that the employer must first register the employees with the EPFO through the employer portal to get the UAN or member id. We will feed the employees' information.

No, the employee can’t edit his personal details like name, date of joining, etc. as given in the EPFO database.