Credible Corporate Services in ensuring compliance to avoid penalties
PF returns are a priority activity of the employers so that contributions of the employees are properly recorded, and your business is kept updated with legal requirements. If filed after deadlines or wrong returns are filed, severe penalties, charges of interest may be attracted, and even legal implications may be involved. However, in this regard, Credible Corporate Service provides expert advice so that your PF returns are filed accurately and within deadlines.
This service page guides you through everything that you should know in terms of PF return filing, from requirements to deadlines, penalties, and forms. So, with our assistance, you will be assured that your business will be always on the right track with regard to EPFO regulations, thus allowing it to focus on growth without penalty.
PF return filing is the submission of a detailed report of contributions by employers and employees under the Provident Fund to the Employees' Provident Fund Organisation (EPFO). The returns would reflect items such as total wages, the number of employees, and the respective PF account numbers of all employees. Proper returns filed in time ensure proper tracking of contributions, from which the employees would benefit eventually. The returns need to be filed regularly, usually on a monthly basis. Non-compliance with the filing rules can lead to penalties and interest charges, which makes timely filing vital for all businesses.
Under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, every establishment employing 20 or more employees is obliged to file PF returns. Yet, even smaller establishments, which employ less than 20 people, are still bound to file returns as they had voluntarily registered themselves under the EPF Act.
Legal Compliance:
PF returns filing is mandatory. Defaulting in this respect can result in significant penalties, interest accruals, and even legal action.
Employee Benefits:
PF contributions are a kind of employee security. This ensures that the employee contribution is duly accounted for and has all the rights for benefits like a pension, retirement fund, or other social security plans.
Tax savings:
The employers can deduct all these payments through their PF contributions. You get the sum total of all these deductions upon filing regular returns, resulting in reduced tax liability.
Private Organizations
On or before the 15th of the following month
Government Organizations
Filing should be done on or before the last day of the next month after the completion of the quarter.
Late submissions are subject to penalties. Therefore, it is essential to keep track of such dates.
Forms should be submitted along with filing returns. Forms ensure that a record of all employees is kept and their contributions.
Form 5
Form 5 is a form for registering a new employee or even a name change, address, or date of birth for any employee.
Form 10
Declaration by employees for the nomination of recipients of their Provident Fund.
Form 12A
Return of contribution details of the establishment on a monthly basis.
Form 3A
Return of employee contribution details on a monthly basis.
Form 6A
Annual return of employee contribution details.
All these forms ensure a clear and correct record of PF contributions and help maintain EPFO regulations in order.
At Credible Corporate Services, we simplify the PF return filing process for you. Here’s a step-by-step guide on how we do it:
This includes employee details, wages, and PF contribution details.
We access the EPFO portal with your establishment’s credentials to file the returns.
We fill out all the required forms and fill in the details needed in that form, like data associated with the employees and their contribution.
After checking all the data, we file the returns electronically
After filing, we download the acknowledgement receipt and store it for future use.
By using Credible Corporate Service, you ensure that the whole process is done accurately, without errors, and within the stipulated deadline.
Non-compliance with PF return filing can have serious consequences for your business, including:
EPFO can impose penalties of up to ₹5,000 for every day of delay in filing returns.
Lateness to file returns will result in additional charges on interest, thus making the whole service costly..
In extreme situations, where this continuous case of default continues, will attract lawsuits against the company. These cases are highly detrimental and harm the companies' good names.
Outlined below are a few basic rules and regulation when considering the PF returns:
PF returns are to be submitted monthly, by the 15th of the following month.
Submission must be made through the EPFO portal.
There is a fee of 10% per annum on interest with regular contributions on late submissions.
Corrections can be done on any mistakes in the returned document within 60 days of the filing.
The consolidated statement should be submitted to EPFO incorporating all the PF contributions made after the close of every financial year.
Do you know that the Employees' Provident Fund (EPF) Scheme is one of the oldest social security schemes in India? It was designed back in 1952 as a retirement benefit scheme for securing employees' financial lives. Presently, the EPF system has covered millions of employees working in various industries and is a significant element in the social welfare architecture of India.
At Credible Corporate Services, we understand just how complex and important PF return filing can be. Here's why you should choose us:
Professionals in our team ensure that all your PF returns are filled in correctly and in good time so that one does not incur penalties and interests.
We handle it all, from collecting your documents to submitting returns in order.
With our experience, we ensure that your business remains compliant with the Employees' Provident Fund Organisation's regulations.
We adhere to deadlines and ensure your returns are filed within the stipulated time frame.
Our services are affordable, so you get the best quality compliance support without burning a hole in your pocket.
Avoid penalty and lawsuit for defaulting. Reach out to Credible Corporate Service today at Credible Corporate to ensure you don't miss the last dates in filing your PF return hassle-free. Experts here at Credible Corporate explain every step in return filing, thereby keeping your compliance hassle-free and worry-free. By partnering with Credible Corporate Service, you ensure that your PF returns are filed correctly so that your business avoids any penalties and secures the future finances of your employees.
Let us handle the compliance while you focus on growing your business.