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PF Return Filing
To instill a savings-oriented mindset among employees and provide retirement benefits, a social security system in the form of the Provident Fund was introduced. Monthly contributions to the PF are made by both the employer and the employee. These contributions can only be withdrawn by the employee during their employment, with a few exceptions.
Employers with PF registration are required to file PF returns on a monthly basis, and these filings must be completed by the 25th of each month. The process involves using various forms for PF return filing, and employers can conveniently submit their PF returns through the Unified Portal.
Form 2
Form 2 serves as a declaration and nomination under the flagship schemes of the Employees' Provident Fund and the Employees' Family Pension Scheme. It is a requisite filing for employees joining an establishment and must be submitted along with Form 5. Form 2 comprises two distinct parts.
Part A
Part A of Form 2 pertains to nominating recipients for the EPF balance of the account holder in case of their demise. This section of the form should include the following details:
- 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
The details of the nominee, as previously indicated in Part A, are also required to be included in Part B. In addition, this section necessitates the provision of details for members eligible to receive children/widow pension. Duly signed or with a thumb impression, this part of the form should be completed at the end of the section.
Form 5
Form 5 is a monthly report that contains the details of the employees who are newly enrolled in the provident fund scheme. Form 5 must include the following details:
- 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 submitted and stamped by the employer, with the date of filing clearly mentioned on it.
Form 10
It is a monthly report that encompasses details of employees who are no longer part of the scheme during the specified month. Form 10 includes the following details:
- Account Number
- Name of the employee
- Name of the father or the husband
- Date of leaving the service
- Reason for leaving service.
Form 10 is to be submitted and stamped by the employer, indicating the date of filing on the form.
Form 12A
Form 12A is a report that outlines the payment details contributed to the account of a respective employee in a specific month.
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 PF returns are:
- Form 3A
- Form 6A
Form 3A
Form 3A illustrates the month-wise contributions made by both the subscriber or members and the employers towards the Employee Provident Fund and the Employee Pension Fund throughout the year. The data is calculated for each member participating in the scheme. Additionally, the scheme includes the following details:
- 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
Form 6A serves as a consolidated annual contribution statement, providing information about the annual contributions of each member within the establishment. The form must include the following details as enumerated below:
- 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.
| Features | Proprietorship | Partnership | LLP | Company |
|---|---|---|---|---|
| Definition | Unregistered type of business entity managed by one single person | A formal agreement between two or more parties to manage and operate a business | A Limited Liability Partnership is a hybrid combination having features similar to a partnership firm and liabilities similar to a company. | Registered type of entity with limited liability to the owners and shareholders |
| Ownership | Sole Ownership | Min 2 Partners Max 50 Partners | Designated Partners | Min 2 Shareholders Max 15 Directors Max 200 Shareholders 1 Director 1 Nominee Director |
| Registration Time | 7-9 working days | |||
| Promoter Liability | Unlimited Liability | Limited Liability | ||
| Documentation | Partnership Deed | LLP Deed Incorporation Certificate | ||
| Governance | – | Under Partnership Act | LLP Act, 2008 | Under Companies Act,2013 |
| Transferability | Non Transferable | Transferable if registered under ROF | Transferable | |
| Compliance Requirements | Income tax filing if turnover is more than Rs.2.5 lakhs | ITR 5 | ||
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