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What is PF Returns

PF return is mandatory to fill monthly on or before 15th of every month, failure of which leads to Govt. penalties. Currently, employees contribute 12 percent and Employers contribute 13 percent of basic wages (GROSS Excluding HRA, WA etc.) towards Employees Provident Fund Scheme (EPF), Employee Pension Scheme (EPS) and Employee Deposit Linked Insurance Scheme (EDLI). A provident fund is created with a purpose of providing financial security and stability to employees. A person starts his contribution to the PF fund once he joins a company as an employee. Further, the employers also contribute towards administration of the benefits under the EPF & MP Act.

Advantages of filing PF Returns


1. Employees Welfare

It gives the organisation a moral view as they are interested in the employees welfare as much as the work they give out.

2. Staying Legal

ESI returns keeps the total ESI process transparent indicates what the company has actually contributed.

3. Security

The PF process is totally taken care by the Employees Provident Fund Organization of India which provides a peace of mind and is secure in nature.

4. Insurance Benefits

As per Employee Deposit Linked Insurance scheme, in any organization where group insurance scheme is not available to the employees, the organization has to contribute 5% of monthly basic pay as premium for the life insurance cover.

5. Medical benefits

The employee can withdraw six times his or her worth salary or the entire PF amount based on whichever is lesser at that point of time, and the thus taken funds can be used for personal or blood relationship medical needs.

6. Taxation Benefits

The employer contribution is exempt from tax and employee’s contribution is taxable but eligible for deduction under section 80C of Income tax Act with proper returns filing.

Documents required for PF return


Employee wise breakup of the PF contribution received and made

Digital Signatures

Copy of the Challans for payment of PF

Other relevant details.

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PACKAGES


Basic

999/-
Inclusive all taxes

PF return filing for employers less than 20 employees.

Premium

2999/-
Inclusive all taxes

PF return filing for employers less than 100 employees.

Standard

1999/-
Inclusive all taxes

PF return filing for employers less than 50 employees.

Online Procedure for filing PF returns

1

Document Collection

Our PF Expert will collect the necessary information and requisite documents for preparation of PF return for your business.
2

Return Prepartion

Based on the documents and information presented, our PF expert will prepare you PF return and send for your approval.
3

Return Filing

Once the return is prepared and is verified by your side, our expert will file the same with the PF department.

Things to consider while doing PF returns

  • The Employer’s contribution would be taxable in nature.
  • The Employees part of contribution would not be taxable and would be retained as such in the EP funds.
  • If the Salary would be more than 15,000 INR then the actual contribution from the employee’s end must be increased on voluntary PF rules.

FAQ’s About PF Returns

  • How often the returns must be filed?

    The Returns must be filed on monthly basis in order to legally established the amount contributed.
  • Whether member can edit his details i.e. father’s name, relationship, date of birth, date of joining, date of exit as available in the EPFO database?

    No, the member cannot edit his details i.e. father’s name, relationship, date of birth, date of joining, date of exit as available in the EPFO database.
  • How will the PF Returns linked to the employees account holdings ?

    There is a format specified in the government and there is sample CSV file to download and use as reference, the things are processed automatically with the registration number.
  • What benefits from filing PF Returns ?

    • Both the employer and employee contributes to the EPF at a rate of 12% of the basic salary and dearness allowance (if any) every month. The total contribution to the EPF is thus 24% per month.
    • The rate of Interest would be only decided by the Union Government.
    • The returns must be filled by the employer on monthly basis in order to keep the contribution level legal and transparent.
    • The Companies whose employees count is more than 20 are entitled for mandatory returns commitment statement i.e the returns must be filed to the council.
    • ESI is an autonomous corporation under Ministry of Labour and Employment, Government of India. Kshitij Consultancy can help you obtain ESI returns for your business.
  • How to calculate Interest in EPF?

    The rate of interest on EPF is determined by the Union government, in consultation with the central trustee board.The interest calculated on EPFs, for the 2015-16 fiscal, is 8.75%. while contribution to the EPF is monthly, interest is calculated at the end of the fiscal.
    The compound interest is paid by the government on the time of April 1st every year and is overlooked by the central government.
  • How Provident Fund (PF) works ?

    The Provident Funds - PF would be a monthly portion of the salary that would be saved and the overview of calculation are given as such.
    Both the employer and employee contributes to the EPF at a rate of 12% of the basic salary and dearness allowance (if any) every month. The total contribution to the EPF is thus 24% per month.
  • When can PF be withdrawal?

    There are 3 cases involved.
    1. PF final settlement
    2. PF partial withdrawal
    3. Pension withdrawal benefit

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