PF Return Filing
The objective of a provident fund, which is a social security system, is to ensure the financial security of an employee’s retirement. Employers in India with a workforce exceeding 20 are eligible to register for PF. The employer and the employee both contribute to the PF on a monthly basis. The employee can only withdraw PF contributions upon retirement, with a few exceptions.
Annual Filing of Returns
Each year, you must submit your annual returns by April 30th. The forms that are employed to file these returns are as follows:
- Form 3A
- Form 6A
Form 3A
Form 3A, also known as a member’s annual contribution card, displays the monthly contributions made by the subscriber, member, and employer to the EPF and Pension Fund in a given year. The scheme calculates the data for each member. Furthermore, the scheme will include the following details:
- Name of the subscriber
- Account number
- The father’s or husband’s name
- Statutory rate of contribution
- Name as well as address of the factory or establishment
- Voluntary contribution rate, if any
Form 6A
Form 6A is a combined annual contribution statement that includes information on each establishment member’s annual contribution. The information listed below should be included in the form:
- Account Number
- The member’s or subscriber’s name
- Included are wages, retention allowance (if applicable), and D.A., as well as the cash value of any food concessions paid during the currency period.
- Employer contributions (EPF and pension)
- The worker’s contribution amount is deducted from their wages.
- If there is any higher rate of voluntary contributions, it is significant.
- Refund of advances
- Remarks
Additionally, the form’s ‘Amount Remitted’ column need to include the following information:
- Month of contribution
- Aggregate contributions
- Administration charges
- EDLI Contribution
- Pension fund contribution
- Remitted contribution, including refund of advances
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Annual Account Statement
Although the employer is responsible for filing returns using the forms mentioned above, the Employees Provident Fund Organization (EPFO) is required to transmit the annual statement of accounts to each subscriber via their employer. The statement of accounts includes the following information:
- Opening balance of contribution, which includes the interest of both employer and employee.
- Each year, the employer and employee contribute together.
- Contributions generate interest.
- The total amount of contributions has been made by the company and the employee.
Summary
The Provident Fund (PF) serves as a social security system, ensuring the financial security of employees upon their retirement. In India, employers with a workforce of over 20 employees are eligible to enroll in the Provident Fund (PF). Each month, both employers and employees need to contribute. Only upon retirement, subject to specific exceptions, can employees withdraw their PF contributions. Employers are required to submit PF returns by April 30th each year. These returns must include Form 3A, which provides a comprehensive account of individual member contributions, and Form 6A, which is a consolidated statement of contributions. The Employees Provident Fund Organization (EPFO) is accountable for distributing annual account statements to each subscriber via their employer, which summarizes contributions and accrued interest.
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FAQ’s
A Provident Fund (PF), which is funded by payments from both the employer and the employee, functions as a social security system to ensure that workers will have sufficient financial resources when they retire.
Employers in India with more than 20 employees are eligible and required to register for a Provident Fund (PF) to provide retirement benefits to their workforce.
An employee can generally withdraw their Provident Fund contributions upon retirement, although there are some exceptions that allow for early withdrawal under specific circumstances.
Form 3A, which details each member’s monthly contributions, and Form 6A, a consolidated annual contribution statement for all members of the establishment, are the key forms required for annual PF return filing.
Form 3A includes details such as the subscriber’s name, account number, contribution rates, employer and employee contributions, and the establishment’s name and address.
All members receive a consolidated annual contribution statement on Form 6A, which details their wages, contributions, any voluntary contributions, and advance refunds.
The ‘Amount Remitted’ column in Form 6A includes the month of contribution, total contributions, administration charges, EDLI (Employees’ Deposit Linked Insurance) contributions, pension fund contributions, and any remitted contributions, including refunds of advances.
The annual account statement from EPFO includes the opening balance of contributions with interest, annual contributions from both employer and employee, interest generated, and the total contributions made by both parties.