PF Returns Filing

PF Returns Filing:

Description: 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.

Various types of forms used for PF filings:

Form 2: 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

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:

• Name
• Address
• Relationship with the subscriber
• Age
• Sum of the money that is to be paid to the nominee
• Guardian Details ( In case the nominee is a minor)
• This Part has to be signed or needs to have a thumb impression to be made at the end of the section.

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

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:

• Organization’s Name
• Address of the Organization
• Code of the organization
• Account number of the Employee
• Name of the employee
• Middle Name (Husband/Father)
• Date of birth of the employee
• Date of joining
• Track record of the work.

Form 10

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.

• Account Number
• Name of the employee
• Name of the father or the husband
• Date of leaving the service
• Reason for leaving service.

Form 10 must be filed and stamped by the employer with the filing date of the form.

Form 12A

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.

Annual PF Return Filing

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

Form 3A

Form 6A

 

Form 3A

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

• Account Number
• Name of the subscriber
• Name of the father or the husband
• Name and address of the establishment
• The statutory rate of contribution
• Voluntary contribution in case if there is any.
• Form 3A must contain the signature and the seal of the employer.

Form 6A

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:

• Account number
• Name of the members of the subscriber
• Wages, retaining allowance if there is any, and the D.A that includes the cash value of the food concession that is paid during the currency period.
• The amount of contribution that is deducted from the wages.
• Employer’s contribution (Both EPF and Pension)
• Refund of the advances
• Rate of the higher voluntary contribution (If there is any)
• Remarks

 Advantages:

• Risk coverage: The most fundamental benefit of the Provident Fund is to cover the risks employees and their dependents that may arise due to retirement, an illness or their demise.
• Uniform account: One of the most important aspects of the Provident Fund account that it’s steady and transferable. It can be carried forward to any other place of employment.
• Employee Deposit Linked Insurance Scheme: This scheme is for all the PF account holders. According to it, 0.5% of the salary is deducted from the life insurance premium.
• Long-term goals: There are many long-term goals such as Marriage or higher education that require the urgent availability of funds. The accumulated PF amount often comes handy during such occasions.
• Security: When it comes to signatures, authenticity and security is a priority. Digital signatures reduce the risk of duplication or alteration of the document itself. Digital signatures ensure that signatures are verified, authentic and legitimate.
• Emergency needs: There are certain unanticipated occasions like marriage or other family occasions, any mishappening or illness that requires urgent finance. The PF amount can be of great help.
• Covers pension: Apart from the employee’s 12% contribution towards EPF, an equal amount is contributed by the employer, which includes 8.33% towards Employee Pension Scheme (EPS).

Due date for Filing PF Returns

• The due date for Monthly Challan remittance to Bank for PF is 15th of Every Month.
• The due date for Monthly PF returns is 25th of Every Month
• The due date for yearly returns is 30th April every year