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PF Filing

Statutory Filings

One of the labour law compliance that ensures employees' benefit over the long run of their work life. Mandatory in nature once applicable, it needs accurate calculations and monthly filings of PF contributions, from both employee and employer. Employers thus become instrumental contributors of employees' savings.

EPF is a social security scheme which intends to secure and work for the better future of the working community in India and international workers (citizens of those countries who have signed bilateral agreements with India). Employeescan withdraw EPF,on  retirement from work or leave work due to other conditions. In India,Organizations with 20 or more employees are required by law to register for the EPF scheme, while those with fewer than 20 employees can also register voluntarily. Contribution to EPF is made for employees drawing a salary of more than Rs. 15,000.

The contribution towards the employee's provident fund is made by both employees and employers. 

Employers who have taken PF registration have to file their PF returns monthly. 

Advantages of Employees Provident Fund

  • Financial coverage for the employees and the dependent's after retirement.
  • The employee's provident fund is portable on to transfer to another place of employment when the need occurs.
  • The accumulated PF fund helps in realising the long-term goals of the employees that come over their lifetime.
  • Digital signatures are used to authenticate the PF fund, which ensures that there won't be any duplication or other frauds.
  • It also acts as a go-to source in the event of any emergency needs.

The due date of filing returns:

  • The due date of monthly challan remittance to the bank is on the 15th of each month.
  • The due date of monthly PF returns on the 25th of every month.
  • The due date for the annual filing of PF returns is on 30th April for each financial year. 

The forms have to be filed under Form 2, Form 5, Form 10, Form 12AForm 6A and Form 3A. 

The delay in filing returns gives rise to penalties which are as follows:

  • 5% interest per annum for a delay of up to 2 months.
  • 10% interest per annum for a delay of 2-4 months.
  • 15% interest per annum for a delay of 4-6 months.
  • 25% interest per annum for a delay of more than 6 months

Profito Global is well-devised to cater to your return filing mandates and employing us makes sure that all your EPF returns will be filed within the due dates. 

 

  • ECR is the acronym for Electronic Challan Return. It is the monthly return uploaded by the employers through the e-Sewa portal. The approval of the return will give rise to a challan for the online payment of the returns.

  • The employer and the employee have to remit 12% each of Basic Salary and Dearness allowance if paid, which amounts to a total contribution of 24%.

  • The interest rate over the EPF fund for the financial year 2022-2023 is 8.10%.

  • No. The Provident Fund enjoys protection against attachment by any court also as per the provisions of section 10 of the EPF &MP Act,1952.

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