PF Return Filing

Filing Employee Provident Fund (PF) returns is a basic duty for businesses that have registered for PF. Maintaining regulatory compliance and avoiding penalties necessitates strict adherence to monthly filing obligations. We at Taxhint Advisors understand the importance of this responsibility and are here to help you at every turn. Our team of professionals is committed to offering thorough advice and assistance during the PF return filing process, enabling you to effortlessly and confidently satisfy your regulatory requirements.

Contact Taxhint Advisors today to simplify your PF return filing process with expert guidance.

EPF Scheme

The government launched the Employee Provident Fund (EPF) Scheme as a social security measure to encourage employee savings and guarantee pensions and other benefits after retirement.Employees save money over time by having regular donations taken out of their pay cheques. These savings can be retrieved as a lump sum payment upon leaving their jobs or retiring.

Employers and employees each contribute 12% of base pay to the EPF plan. The Employees Pension Fund (EPF) receives 8.33% of the employer's contribution, with 3.67% going to the employee's EPF account.

When an employee retires (at or after age 58), is unemployed for two months, or passes away before reaching the designated retirement age, they are eligible to take their EPF funds.

PF registration

The procedure through which a business or employer registers to take part in the Provident Fund (PF) system with the Employees' Provident Fund Organisation (EPFO) is known as "PF registration."

For companies with twenty or more employees, this registration is required; for businesses with fewer than twenty employees, it is optional.

• The employer receives a unique PF code upon registration, which is required for all PF-related operations, including as filings, withdrawals, and monthly payments.
• It is possible for companies with less than 20 workers to voluntarily sign up for PF benefits.
• In order to be in accordance with rules, employers who have registered for Provident Funds (PF) must submit monthly returns.

PF return filing

Sending thorough reports to the Employees' Provident Fund Organisation (EPFO) is known as PF filing. Employers who are registered under the Provident Fund plan are required to file PF returns. The deadline is the 25th day of each month, and it needs to be completed on a monthly basis.

Employers must provide a variety of data points for their return filing, such as the total amount of contributions paid by the employer and the employee, information about the employees covered by the plan, the employees' PF account numbers, and other pertinent data.

Who is Required to File PF Returns?

Filing of PF returns is required for entities covered by the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. This includes businesses that have 20 or more employees as well as those who have voluntarily registered under the Act but have fewer than 20 employees.

Advantages of Filing PF

Regularly filing returns offers numerous benefits for both employers and employees, which include:

• Adherence to Legal Requirements: It is legally required to file returns, and failure to do so could result in penalties and fines.
• Employee Security: A significant portion of an employee's social security comes from their PF contributions. Ensuring the accurate recording of these contributions through consistent filing of returns protects the financial stability of the employees.
• Benefits for taxes: Contributions to PF are deductible from taxes. Maintaining a regular PF filing schedule makes it easier for companies to receive these tax benefits, which improves overall financial efficiency.
• Systematic Record-Keeping: Employers can keep systematic records of employee PF contributions by filing returns on a regular basis. This methodical approach promotes effective administration by making it easier to track and manage employee benefits.

PF Return Due Date

The PF Return due date varies based on the nature of the establishment.

Private Establishments

• Private businesses are required to submit monthly, and entries must be made by the 15th of the following month.
• For instance, the PF due date cutoff is February 15th if the return period is in January.

Government Establishments

• Quarterly filing deadlines are followed by government establishments.
• Each quarter, returns must be sent in by the end of the month that follows.
• For example, the PF is due by the end of April if the quarter closes on March 31st.

Type	Due date
PF Payment	On or before the 15th of every month
PF Annual Return	25th April of every year

Documents Required

• Employer's contribution amount to EPF
• Employee's contribution amount to EPF
• ECR (Electronic Challan cum Return) Challan copy
• Details of UAN (Universal Account Number), with KYC compliance, of employees

Required Forms for PF Filing

Different Forms Required for Return Filing are as follows:

Form	Purpose
Form 5	Registration of new employees and updating employee details (e.g., name, address, date of birth)
Form 10	Declaration and nomination of beneficiaries by employees
Form 12A	Registration of establishments under the EPF scheme
Form 3A	Monthly contribution details of employees
Form 6A	Annual contribution details of employees

Form 2

Under the Employment Provident Fund and Employment Family Pension Scheme Flagship scheme, Form 2 is filed as a declaration and nomination. When an employee joins the company, they must file Form 2. This form must be turned in along with Form 5. Form 2 is split into two halves.

Part A

Nominating the beneficiaries of an account holder's EPF balance in the case of their death is covered in Part A of Form 2. The following information must be entered in this section of the form:

• 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

Part B should contain the nominee's details as previously specified in Part A. Furthermore, information on the members who qualify for the widow/child pension needs to be provided.

This Part again must be signed duly or a thumb impression has to be made at the end of the section.

Form 5

The information on newly enlisted employees in the provident fund program is included in Form 5, a monthly report. Form 5 has to contain the following information:

• 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.

The form is to be filed and stamped by the employer with the date of filing mentioned on it.

Form 10

The information about the employees who have stopped participating in the program for that particular month is included in a monthly report. Form 10 contains the following information.

• 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

The payment information that was contributed to each employee's account for a specific month is listed in this Form 12 A report.

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 returns are

• Form 3A
• Form 6A

Form 3A

The Employee Provident Fund and Employee Pension Fund contributions made by subscribers, members, and employers over the course of a year are shown on Form 3A, month by month. Every person involved in the scheme calculates the data. The plan will also contain the following information.

• 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

A consolidated annual contribution statement, or Form 6A, contains information on each establishment member's yearly contribution. The information listed below must be included in the form:

• 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

Besides this, the following details should also be included in the amount remitted column:

• The month of the contribution
• The remitted contribution that includes the refund of the advances
• EDLI Contribution
• Pension Fund Contribution
• Administrative charges
• Aggregate contributors.

Consequences of Non-Compliance with PF Filing

Penalties and legal repercussions may result from noncompliance with the regulations. Penalties for late submissions may be assessed by the EPFO up to Rs. 5,000 per day. Non-compliance can also put employee benefits in jeopardy, which could lead to a reduction or delay in pension payments.

Period of Delay	Rate of Penalty (p.a.)
Up to 2 months	5%
2 – 4 months	10%
4 – 6 months	15%
Above 6 months	25%

Procedural Guidelines for Filing PF Returns

• Filing Period: Monthly submission of returns is required; the deadline is fifteen days after the end of each month.
• Method of Filing: The required method for submitting returns is electronic filing using the EPFO's web portal.
• Late Filing: 10% annual penalty and interest are assessed if returns are not filed by the deadline.
• Correction of Errors: Within sixty days after the end of the corresponding month, any errors found in returns after they have been submitted must be fixed.
• Consolidated Statement: The EPFO is required to receive a consolidated statement at the end of each fiscal year that lists all of the PF contributions made during that year.

PF Return Filing Procedure

• PF Registration: Make sure your business has a PF registration number and is registered with the Employees' Provident Fund Organisation (EPFO).
• Gather Information: Gather all the information that is needed for filing, such as specifics on employer and employee contributions.
• Prepare Returns: To ensure accurate return preparation, use the EPFO-provided software or the approved format.
• Verification: To ensure accuracy and conformity with regulations, double-check all the information included in the returns.
• Submission: Use the EPFO's web interface to electronically file the PF returns. Make sure you submit on time by the designated deadline.
• Acknowledgement:Get a receipt or acknowledgement for the filed PF returns after they are successfully submitted for your records.
• Annual Consolidated Statement: Provide a consolidated statement of all PF contributions made during the year to the EPFO at the conclusion of each fiscal year.

Streamline PF Return Filing with Taxhint Advisors

Taxhint Advisors provides professional support at each step of the PF filing procedure, streamlining it. Our team of experts guarantees that PF returns are accurately prepared and comply with regulatory standards. We offer individualised advice, assisting you in compiling the required information and navigating the filing process with ease. You can easily maintain compliance, meet deadlines, and prevent mistakes with our experience. Our committed support staff is also on hand to handle any questions or issues, guaranteeing a hassle-free and easy experience.

Let Taxhint Advisors experts simplify your PF return filing today!