What is PF?
The culture of PF started in order to develop a sense of benefit of savings among employees which would help them after their retirement. This PF or EPF also called Employees Provident Fund is a scheme which is a scheme controlled by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. Regulated under the Employees’ Provident Fund Organisation (EPFO), this registration is applicable for every organisation which has 20 or more than 20 members. This provident fund can also be adopted by the organisations who have less than 20 members. Lastly, it is very important to have a PF registration for a Company, in order to file a PF return.
Any person who earns less than Rs 15,000 per month, it is compulsory for him to become a member of the EPF. Those employees whose basic pay is more than Rs. 15,000 per month at the time of joining, then they need not make contributions for the PF. However, if they wish they can by asking for consent from the Employer.
PF return filing pROCedure
For filing the PF for the employees, the following forms have to be filed by the employers. These forms include:
FORM 2- This form is for the declaration and nomination pROCess. This form is then divided into two parts PART A and PART B.
FORM 5- This is a monthly report that has the details of the newly enrolled employees for the Provident Fund Scheme.
FORM 10- This is a monthly report that has the details of the employees who have terminated to be a part of the scheme further in the given month.
FORM 12A- It is a report which has the details of all the payments which have been contributed by the employee to their respective accounts in a particular month.
FORM 3A- This form lists the monthly contributions of the employer or the subscriber or member towards the E.P.F and Pension Fund in a particular year. This data has to be calculated for every member who is a part of the scheme.
FORM 6A- The form 6A has all the details of the annual contributions which every member of the firm has.