PF Returns

ABOUT PROVIDENT FUND RETURN

Employees Provident Fund (EPF) is the amount deducted from an individual’s monthly salary, which is later added to his/her EPF account by the employer and is termed as the EPF balance. It is also considered as a part of retirement savings and can be checked through various mobile applications or by the below-given method. If you are an employee and member of EPFO (Employee’s Provident Fund Organization), then you can check your provident fund (PF) statement to know your balance at the end of a year. You can check the EPF balance online anytime through EPFO portal.

 

FORMS

FORM 2

This form is filed for the purpose of declaration and nomination under the flagship schemes of Employees Provident Fund and Employees Family Pension. It must be filed by an employee when he joins an entity. The form must be submitted along with Form 5. Form 2 is divided into two distinct parts:

PART A

Part A of Form 2 specifically deals with nominating the recipients of EPF balance of a particular account holder, in the event of his/her death. The following details of the nominee must be included in this part of the form:

  • Name
  • Address
  • Relationship with the subscriber
  • Age
  • Sum of money to be paid to the nominee
  • Guardian details (if the nominee is a minor)
  • Note: This section must be signed or a thumb impression has to be made at the end of the section.
    FORM 12A

    Form 12A is a report that includes the details of the payments contributed to the account of the respective employee in a particular month.

PART B

Part B should contain the details of the nominee as already specified in Form A. In addition to it, details of the family members who are eligible to receive the children/widow pension must be furnished. Note: This section must be signed or a thumb impression has to be made at the end of the section.

FORM 5

Form 5 is a monthly report which contains details pertaining to the employees who have been newly enrolled into the provident fund scheme. The form must include the following details:

  • Name of Organization
  • Address of organization
  • Code number of organization
  • Account number of employee
  • Name of employee
  • Name of the husband/father
  • Date of Birth of the employee
  • Date of joining
  • Track record of work

CONTRIBUTION

The contributions are payable on a maximum wage ceiling of Rs.6, 500 by both employee and employer.

 Employee can pay a higher rate but employer is not under any obligation to pay such higher rates.

 In order to pay contribution on higher wages, you are required to submit a joint request from employer and employee. Employer will have to pay administrative charges in higher wages.

 If the employee is an international worker, wage ceiling of Rs.6,500 is not applicable.

DUE DATES

Provident fund return must be filed by all entities having PF registration every month. PF return is due on the 25th of each month. Further, a final PF return is due on the 25th of April for the year ended on 31st March.

FAQ'S

The Employee contributes 12% of his /her Basic Salary & the same amount is contributed by the Employer.

Employers contribution of 12% of basic salary is totally deposited in provident fund account Whereas out of Employees contribution of 12% , 3.67% is contributed to Provident fund and 8.33% is deposited in Pension scheme.

Nomination Form No 2 has to be filled to become a member of the Provident fund, form is available with HR department.

You just have to fill form no 13 to transfer your P.F amount.

Each member has to make a nomination to receive the amount standing to his credit in the fund in the event of his death. If he has a family, he has to nominate one or more person belonging to his family and none other. If he has no family he can nominate any person or persons of his choice but if he subsequently acquires family, such nomination becomes invalid and he will have to make a fresh nomination of one or more persons belonging to his family. You cannot make your brother your nominee as per the Acts.

 

For an employee to become eligible for Pension fund, he has to complete membership of the Fund for 10 Years.

When we say continuous service of 10 years in Employee Pension Fund, we mean to say that during services, for e.g., an employee who has worked with X company for say 3 years, then he resigned from that organisation and joined Y company, wherein he worked for 2 years, then resigned from there to join establishment for 5 years but during these 10 years of service he has not withdrawn but transferred his Employee pension fund, then we say continuous service of ten years.

An employer can apply for FORM 01 within 15 days after the act becomes applicable to an establishment or a unit.