Provident Fund Return

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Provident Fund Return

The Employees Provident Fund Organization (abbreviated to EPFO), is an Organization tasked to assist the Central Board of Trustees, a statutory body formed by the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 and is under the administrative control of the Ministry of Labour and Employment, Government of India.

The Constitution of India under “Directive Principles of State Policy” provides that the State shall within the limits of its economic capacity make effective provision for securing the right to work, to education and to public assistance in cases of unemployment, old-age, sickness & disablement and undeserved want. The EPF & MP Act, 1952 was enacted by the Parliament of India and came into force with effect from 4 March 1952 as part of a series of legislative interventions made in this direction. Presently, the following three schemes are in operation under the Act:

  1. Employees Provident Fund Scheme, 1952;
  2. Employees Deposit Linked Insurance Scheme, 1976;
  3. Employees Pension Scheme, 1995 (replacing the Employees’ Family Pension Scheme, 1971).

Retirement fund body EPFO on 21 February 2018 lowered the rate of interest on employee’s provident fund to 8.55% for 2017-18, from 8.65% in the previous fiscal.

Employees Provident Fund is a retirement benefit scheme for all salaried people and this fund is maintained by Employees Provident Fund Organization of India (EPFO) and any company having 20 employees or more is required to register with EPFO.

During employment Employees complete 12% goes to PF account while employer contributions’ 8.33% goes to Pension Fund and 3.67% goes to PF Fund. Employee State Insurance Corporation (ESIC) is deducted on gross salary which is 1.75% from the employee contribution & 4.75% from the employer contribution.

What is EPF applicability on Establishment?

  • Company having minimum 10 or more workers/employee;
  • Employees earning less than Rs.15, 000/- per month;
  • Contribution 12 % of the (Basic Salary + Dearness Allowance, if applicable).

How to file PF return?

  • The filing of returns must be completed by the 25thof each month.
  • Form 2 is divided into two distinct parts:-
    • Part – A: Details of the nominee must be included in this part of the form:
      • Name
      • Address
      • Relationship with the subscriber
      • Age
      • Sum of money to be paid to the nominee
      • Guardian details (if the nominee is a minor)
      • This section must be signed or a thumb impression has to be made at the end of the section.
    • Part – B: Details of the family members who are eligible to receive the children/widow pension must be furnished.
  • Form 5 is a monthly report which contains details pertaining to the employees who have been newly enrolled into the provident fund scheme:
    • Name of Organization
    • Address of organization
    • Code number of organization
    • Account number of employee
    • Name of employee
    • Name of the husband/father
    • Date of Birth of the employee
    • Date of joining
    • Track record of work
  • 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.
  • Form- 12A is a report that includes the details of the payments contributed to the account of the respective employee in a particular month.

Employer needs to provide following details along with EPF Form

  • Name and address of the company along with head office and branch details
  • Incorporation of company certificate alongwith MoA, AoA and
  • Provide Details of employees (name, date of joining, salary, etc)
  • Business of the company
  • List of Director’s
  • Banking of the company
  • Copy of PAN card of company.

Documents required for PF registration

  • Copy of partnership deed (In case of partnership firm)
  • Certificate of Incorporation (In case of Private or Public Company)
  • Registration Certificate (In case of society)
  • PAN details of the company
  • Proof of Incorporation
  • Salary details of employees
  • Balance Sheet details

Preach Law Services:

  • PF Registration.
  • Filling return before the before due date;
  • Check employer and employee contributions
  • Filling return on behalf of the employer on due date;
  • Complying necessary compliance under the EPF Act and allied rule.
  • Liaising with corporate and government authority and concern persons.