PF Registration & Return Filing

PF Registration & Return Filing

What Is PF Registration?

Provident fund is a scheme for the welfare of the employees at the time of their retirement. Under this scheme, the employees get the monetary benefit at the time of their retirement. It is regulated under Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 by Employees’ Provident Fund Organization (EPFO). This organization is the world’s largest social security organization whose main objective is to protect the old age employees and provide them with financial support. The organization can be a sole proprietorship or partnership firm or a Private Limited Company or LLP or any other type of business enterprise.
Any organization that has more than 20 employees shall have to register itself with the provident fund organization mandatorily. The employer needs to file the registration application to the government for its registration with Digital Signature (DSC). The organization has to apply for registration within a month from the day it reaches the limit of 20 employees. If any organization has less than 20 employees it can also take the registration for providing provident fund benefits to its employees. Employees include regular employee, part-time employees, contract-based employees, like a housekeeper, security guard, and contract labour as per the requirement. Both the employee and employer needs to contribute toward the provident fund, and the employee can contribute 12% of his salary or wages, and the employer shall have to contribute 12% of the salary in which 8.33% to the pension scheme and remaining 3.67% toward the provident fund. Here the salary includes the basic salary of the employee along with the dearness allowances and retaining allowances.
After the amendment in the companies act, 2013 now the PF registration and GST registration can also be applied at the time of company registration in the subsequent form provided along with the company registration form.

Eligibility Of PF Registration

Provident fund is governed under Employees Provident Funds and Miscellaneous Provisions Act, 1952, this act applicable all over India except Jammu & Kashmir.

Eligibility of PF registration is as follows:

  • Establishment under industry sector having employee 20 or more
  • Other establishments having employees 20 or more during the previous year
  • For the employees drawing less than Rs. 15000
It is mandatory for those establishments who employ 20 or more employees in their establishment but if any establishment has less than 20 employees then they can register itself voluntarily.

Benefits Of PF Registration

The following are the benefits of the PF registration:
The employee gets a lump sum amount after his/her retirement.
The employee also gets the benefit of the Pension Scheme as the employer also contributed to the pension scheme as a part of the PF contribution. From 12% of the PF contribution 8.33% goes into the pension scheme
The employee can withdraw this fund in any case of an emergency like marriage, loan repayment, etc.
There is no need to create a different PF account at the time of switching the job. The same PF account is carried forward to the new employer. UAN linked with Aadhar Number of the employee gives the benefit in case of transfer.
The employee can appoint or hire any nominee of himself to get the fund in case of his deceased or death.
If a person retires after the age of 58 years, he can avail the benefit of both EPF and EPS
The employee gets the benefit of insurance under Employee Deposit Linked Insurance Scheme by the deduction of 0.5% of his salary as a premium.
Under this 12% of the basic salary is saved and the employee also gets the interest on his saving, which increase his savings. The current interest rate is 8.5% but it is usually increased from time to time as per the notification or guidelines of the Government.

What Do You Get In PF Registration

  • LOGIN ID
  • PASSWORD
  • PF REGISTRATION NUMBER

Documents Required For PF Registration

IN CASE OF PROPRIETORSHIP FIRM

  • APPLICANT NAME
  • PAN CARD
  • ID PROOF (DRIVING LICENSE/PASSPORT/VOTER ID CARD)
  • ADDRESS PROOF OF THE BUSINESS PREMISES
  • RESIDENTIAL PROOF
  • CONTACT DETAILS
  • FIRST SALE AND PURCHASE BILL
  • GST REGISTRATION CERTIFICATE, IF ANY
  • BANK DETAILS OF THE PROPRIETORSHIP
  • CANCELLED CHEQUE
  • NUMBER OF EMPLOYEES
  • EMPLOYEES DETAILS (NAME, ADDRESS, CONTACT DETAILS, SALARY, DATE OF JOINING, ETC)

IN CASE OF COMPANY & OTHER ENTITIES

  • CERTIFICATE OF INCORPORATION/REGISTRATION
  • MEMORANDUM OF ASSOCIATION AND ARTICLE OF ASSOCIATION OR PARTNERSHIP DEED OR LLP AGREEMENT
  • PAN CARD
  • ID AND PROOF ADDRESS OF THE DIRECTORS OR PARTNERS (DRIVING LICENSE/PASSPORT/VOTER ID CARD)
  • DSC OF THE DIRECTORS OR PARTNERS IN CASE OF LLP AND COMPANY
  • ADDRESS PROOF OF THE BUSINESS PREMISES
  • CONTACT DETAILS
  • FIRST SALE AND PURCHASE BILL
  • GST REGISTRATION CERTIFICATE, IF ANY
  • BANK DETAILS OF THE PROPRIETORSHIP
  • CANCELLED CHEQUE
  • NUMBER OF EMPLOYEES ALONG WITH DESIGNATION AND ID PROOF
  • EMPLOYEES DETAILS (NAME, ADDRESS, CONTACT DETAILS, SALARY, DATE OF JOINING, ETC)
  • DETAILS OF THE NOMINEE OF THE EMPLOYEES

PF Return Filing

The employers that have PF registration have to file the PF returns monthly. The PF return filings are to be completed by the 25th of each month. Here we will talk about the various forms used for PF return filing in detail. The employers can easily file the PF return through the Unified portal.

Form 2

Form 2 is filed as a declaration and nomination under the Flagship scheme of the Employment Provident Fund and the Employment Family Pension Scheme. Form 2 must be filed by the employees who are joining the establishment. This form is to be submitted with Form 5. Form 2 is divided into 2 different parts.

Part A

Part A of Form 2 deals with nominating the recipients of the EPF balance of the particular account holder, in the event of his or her death. This part of the form must 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 already mentioned in Part A should also be included in Part B. Additionally, the details of the members who are eligible to receive the children/ widow pension must be furnished.
This Part again must be signed duly or a thumb impression has to be made 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 filed and stamped by the employer with the date of filing mentioned on it.

Form 10

It is a monthly report that includes the details of the employees who have ceased to be a part of the scheme on the given 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 must be filed and stamped by the employer with the filing date of the form.

Form 12A

This Form 12 A is a report that contains the payment details that are contributed to the account of the respective employee in a particular 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

The Form 3A depicts the month-wise contribution to the subscriber or members and the employers towards the Employee Provident Fund and the Employee Pension Fund in a year. The data is calculated by every member who is a part of the scheme. Additionally, the scheme will include 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 is a consolidated annual contribution statement that includes details about the annual contribution of each member of the establishment. The Form has to include the details as they are 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.