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As per the mandate of law, PF Registration is a must for employers having an organization strength of more than 20 employees. Each month, the employee and the employer contribute to the Provident Fund. The EPF expert team of Perfection Consulting India can be approached to prepare the EPF returns in a very accurate and timely fashion.
PF return filing is mandatory for employers if:It begins with filling our easy and simple online form and making a secure payment.
You will be contacted by a specific PF expert to understand your query and have all the documents.
Upload any needed documents securely through our online portal.
Your expert manages everything, keeping you updated throughout the process.
Just sit back and relax! Accurate filing on time of your PF return.
The unique account number allotted to each employee is one important element in the filing of appropriate PF returns.
The name of each employee should be recorded precisely to identify that person in record keeping.
The personal identification data, such as fathers' or husbands' names, become prerequisites when one has to go through a verification process or keeping records.
It is mandatory to state the leaving date of an employee in order to keep employee records up to date for purposes of computation of the final benefit.
Documenting the reason for an employee's departure provides insights into workforce dynamics and assists in analyzing attrition trends.
One of the biggest benefits that Provident Fund provides is risk coverage associated with retirement, illness, or death for employees and dependents alike.
It is portable and consistent so that the employee can always carry the Provident Fund; it can be transferred to any other employment.
According to this scheme, all holders of a PF account will have 0.5 percent of salary deducted from the life insurance premium.
The accumulated funds in PF help in fulfilling long-term plans such as holding lucrative marriage or higher education events that need money urgently.
Digital signatures are of utmost importance when it comes to authentication and security, thereby reducing the chances of documents being duplicated or altered, ensuring signatures are verified and genuine.
The provident fund can be a source of great help in emergencies such as marriage, family functions, accidents, or illness, where urgent finances are needed.
The employer contributes the same amount as that of the employee i.e. an amount equal to 12% of the employee's salary, a portion of which, i.e. 8.33%, is earmarked for the Employee Pension Scheme (EPS).
Delay in payment of PF by employer having PF registration will attract penalty as follows
Period of Delay | Rate of Penalty (p.a.) |
---|---|
Upto 2 months | 5% |
2 - 4 months | 10% |
4 - 6 months | 15% |
Above 6 months | 25% |
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Employers registered under PF must necessarily file returns every month. PF returns are to be submitted by the 15th of every month through an integrated portal. The employer and the employee make contributions of 12% of the basic salary of the employee into the EPF account during employment.
The employers who have PF registration are bound to file returns monthly. The last dates to file monthly returns for the months are 31st and 29th. The forms are- Form 3A and Form 6A for these returns.
All employers who have PF registration are required to submit monthly returns. Returns must be submitted by the 15th of each month through unified portal. During his working career, both the employee and his employer contribute 12 percent, based on the employee's basic salary, in the EPF account.