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Income Tax efiling in India for FY 2023-24 (AY 2024-25)

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Things About PF Return Filing That You Must Know

PF or Provident fund is a social security system that was introduced under the provisions of the government. It is proposed to encourage savings among employees and secure their future financially, to benefit them during their retirement.

What is PF Return Filing?

All the employers who had PF registration are instructed to do PF return filing on monthly basis. The provident fund returns need to be filed by the 15th of each month from the portal. EPF (Employees Provident Fund) is a post-retirement advantage for salaried people. The collected fund is managed by the EPFO (Employees Provident Fund Organization). It is mandatory for a company that has 20 or more employees to have PF registration. The provident fund filing must be completed by the 15th of every month. The employee and the employer contribute 12% of the employer’s basic pay to his/her EPF account during the employment of the employee. However, 3.62% of the employers go to the employee EPF account and complete 12% of the employee goes to his/her EPF account. Moreover, the remaining 8.38% is provided to the employee in his/her pension fund by the employer.

What are the benefits of PF returns filing?

There are several benefits of filing provident fund returns timely that are mentioned below- Emergency Withdrawal- This is another major benefit as there can be any emergency when you may be in extreme need of money. You can withdraw the amount in such situations. in case of medical or financial emergency, EPFO allows you partial withdrawal. Loan against PF: we never know when there can be any situation of emergency. A provident fund account holder can take a loan in an emergency. The PF balance and the levied PF loan interest rate are only 1%. The provided loan will be short-term and must be refilled within 3 years of loan disbursal. Pension provision: All the provident fund account holders are provided with this benefit of pension provision after 58 years as well. But, there has to be a minimum of 15 years of regular monthly PF contributions required in their PF account to be eligible for a pension. The pension provision benefit is credited from the employer's contribution as 8.33 percent to the EPS account of the PF account holder.

Details to be provided by the employer

Employers are required to furnish the following details along with EPF Form which can be downloaded from the Employees Provident Fund Organization website. Name and address of the company along with head office and branch details Date of Incorporation of company Director’s details Banking details of the company PAN details Business of the company Details of employees such as name, date of joining, salary, etc

What is the Procedure for Filing PF returns?

Filing a PF return is not a hard nut to crack. The procedures of PF filing in which a PF return has to be filed by the employer according to the requirements mentioned unified portal of PF filing. Any employer who has obtained PF registration under the system of EPF has to consider filing the returns on time. The PF return filings must be finished by the 15th of each month. We have expressed the various forms below that are used to file PF returns filing. Form 2 - Form-2 is to be utilized by the employer as a declaration and nomination under the Flagship scheme of the EPF (Employment Provident Fund) and the Employment Family Pension Scheme. Form 2 is submitted along with Form 5. There are two sections (A and B) of form-2, both part A and part B according to the requirements. Form 5 - This form is for the monthly compliance report which is required to be filed. This form contains the details of employees who are recently enrolled in the systems and are connected to the provident fund. Form 10 - For any form of individual or employee who is not part of the organization would be present under this form. PF Annual Filing- The annual returns for PF must be filed by 30th April of every year. PF annual filing must be carried out through filing Form-3A and Form-6A. Account Statement Filed Annually - The Employees Provident Fund Organization has to send the annual account statement concerning the filings. On account of a partnership firm (Copy of the partnership deed) Certificate of Incorporation (In case of Private or Public Company) Registration Certificate (In case of society) PAN details of the company Proof of Incorporation Salary details of employees Balance Sheet details

Frequently asked questions

PF return is a monthly based return filing that should be filed by the employees who have obtained PF registration. You can file PF returns easily through the portal on the 15th of each month.

The employee and the employer both are required to contribute 12% to the provident fund account holder. However, 8.33% out of 12% is credited to the PF account.

The PF return filings must be finished by the 15th of each month.

The time depends on how fastly the EPFO officer clears the claim. It takes around 5 to 30 days to get the PF amount into the bank account.

Yes. It is compulsory to have a PF account with the employer for employees who have a basic salary plus a dearness allowance is up to Rs. 15,000. In case you are earning above Rs.15,000 is not mandatory but can contribute willingly.

Krishna Gopal Varshney

Krishna Gopal Varshney co-founder & CEO of Myitronline is amongst the top emerging startups of Asia and authorized ERI by the Income Tax Department. A dedicated and tireless Expert Service Provider for the clients seeking tax filing assistance and all other essential requirements associated with Business/Professional establishment. Connect to us and let us give the Best Support to make you a Success. ”

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