A social security system known as the Provident Fund was established to encourage employees to save and to benefit them in retirement. Each month, the employee and the employer contribute to the Provident Fund (PF). With a few notable exceptions, an employee's contribution to the PF may only be withdrawn during the duration of their job. Employers registering with PF are required to submit their PF returns every month. Each month's 25th is the deadline for completing the PF return files. We shall go into great detail regarding the several forms that are used to file PF returns here. Employers can utilize the Unified site to conveniently file their PF returns.
Who can apply for PF?
All businesses that have registered for employee provident funds, or EPFs, are required to file an EPF return each month. Filing the EPF Returns is required if you have an EPF Registration. Employer and employee contributions to the Employee Provident Fund (EPF) total 12% of base pay throughout employment. The employee's EPF account receives a 3.67 percent transfer from the employer. The Employees Pension Fund (EPF) receives the remaining 8.33 percent from the employer. When the employee retires (on or after age 58), if they are jobless for two months, or if they pass away before reaching the designated retirement age, they may withdraw this sum.
Why to opt for PF Return?
Opting for a PF return offers a range of benefits to the user, which include:
Compliance adherence: The law requires that PF returns be filed, and noncompliance can result in fines and penalties.
Employee Security: A key component of a worker's social security is their PF contributions, and timely filing of PF forms guarantees that their contributions are correctly recorded.
Tax Benefits: Employers can claim tax benefits by filing PF returns regularly, and PF payments are tax deductible.
Systematic Record-Keeping: By filing PF returns on a regular basis, companies may keep track of and manage employee benefits more easily by keeping organized records of their employees' PF contributions.
Documents required for PF Return
Following are the general documents you will need to regulate the PF Return, however, this list is not exhaustive:
1: Employer Contribution in EPF
2: Employee Contribution to EPF
3: ECR Challan [copy]
4: Employee's UAN Details [KYC Compiled]
Forms to be familiar with for PF Return
Form 2: Under the Employment Provident Fund and Employment Family Pension Scheme Flagship scheme, it 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 separated into two sections, Part A and Part B. Nominating the beneficiaries of an account holder's EPF balance in the case of their death is covered in Part A of Form 2. Furthermore, the nominee's details from Part A should be provided in Part B as well. Once more, this part needs to be properly signed, or a thumb impression needs to be produced at the conclusion.
Form 5: The information on newly enlisted employees in the provident fund program is included in Form 5, a monthly report. Details like the name of the organization, its address, its code, the employee's account number, its name, its middle name (husband or father), its date of birth, its joining date, and its work history must all be included in Form 5.
Form 10: The information about the employees who have stopped participating in the program for that particular month is included in a monthly report. Details like the account number, the employee's name, the name of the spouse or father, the date of service termination, and the reason for service termination are all included in Form 10.
Form 12 A: The payment information that was contributed to each employee's account for a specific month is listed in this Form 12 A report.
Form 3A: The Employee Provident Fund and Employee Pension Fund contributions made by subscribers, members, and employers over a year are shown on Form 3A, month by month. Every person involved in the scheme calculates the data.
Form 6A: Another form for consolidated annual contribution statements that contains information about each establishment member's yearly contribution is Form 6A.
How to file a PF Return?
You may follow the given step-by-step instructions to apply PF Return
Step 1: Login into Portal
After successfully registering for the Unified Shram Suvidha Portal, you can access the EPFO portal using the login credentials that were sent to your email address.
Step 2: Download the form
Go to Payment and select “ECR/Return Filing” by clicking. Next, select the pay month for which you wish to file a PF return, click on “ECR Upload,” then select “Download ECR File,” “ECR File Download,” and “ECR File Type.” You will obtain an ECR file with the list of employees compared to their UAN.
Step 3: Enter details
Now enter details such as Gross wages, including EPF Wages, EPS Wages, EDLI wages, remitted EPF Contributions, etc.
Step 4: Save the file
Save the Excel file as a CSV file after that. Ensure that the first column with the details is deleted. Now, open the CSV file and eliminate any unnecessary commas. After that, save the file as a text document and replace all commas (,) that separate two fields with #~#.
Step 5: Upload the File
After logging in, navigate to Payments ECR Filing ECR Upload on the EPFO Portal. After choosing the wage month to file the return for and providing the other necessary information, upload the text file.
Step 6: TRN Generation & payment
A Temporary Return Reference Number (TRRN) will thereafter be generated once the uploaded ECR has been verified. Additionally, select “Prepare Challan” and enter the appropriate EDLI and EPF costs. Include the number of workers, the number of workers who are excluded, and the workers' salaries. Click “Generate Challan” “Finalize” now, and then click “Pay” to complete the payment.
For more information, visit us at: https://www.registerkaro.in/
