What is a Provident Fund Return?

Provident Fund:

Employees Provident Fund (EPF) is a scheme controlled by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated by Employees’ Provident Fund Organization (EPFO). PF registration is applicable for all establishment which employs 20 or more persons. PF registration can also be obtained voluntarily by establishments having less than 20 employee.

• Provident fund is a social security system that was introduced for encouraging savings among employees, so as to benefit them during the course of their retirement.
• Contributions are made by the employer and the employee monthly. PF contributions can only be withdrawn by the employee at the time of his/her retirement, barring a few exceptions.
• All employers having PF registration are responsible to file returns monthly.

Important Points relating to Provident Fund:

• PF Return: 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.
• PF Payment: Provident Fund (PF) payments are due on the 15th of each month. The employer must deposit a total of 12% or 10% of the employee wages towards PF on or before this date every month. For most entities, the PF rate of 12% would be applicable.
• UAN: The Employee Provident Fund has launched the Unified Portal to streamline and simplify all aspects of provident fund for both employers and employees. Employees who have the newly allotted UAN can use the Unified Portal for various services.

Due date for Filing PF Returns:

• The due date for Monthly Challan remittance to Bank for PF is 15th of Every Month
• The due date for Monthly PF returns is 15th of subsequent month
• The due date for yearly returns is 30th April every year.

Details required for PF return

• Account number.
• Name of employee.
• Name of the father or husband.
• Date of leaving service.
• Reason for leaving service.

What is an ESI Return?

Employees’ State Insurance(ESI):

Employee State Insurance is a self-financing social security scheme and health insurance plan for Indian workers, offering medical and disablement benefits. Governed by the ESI Act, 1948, it is managed by Employees’ State Insurance Corporation (ESIC) under the Ministry of Labour and Employment. ESIC is expected to manage the fund as per the rules and regulations set forth by the Act.

Applicability of ESI:

The ESIC is applicable on all the establishments having 10 or more workers and is beneficial to all the employees earning Rs.15, 000/- or less per month as wages, employer must contribute 3.25 percent and employee must contributes 0.75 percent towards ESI.

Due date for filing ESI Return:

The employer needs to pay ESI return on a monthly basis, and the due dates are also fixed as follows:

• The due date for ESI return filing is 15th of subsequent month.

Documents required for ESI return filing

• Attendance register
• Register for Form 6
• Register of wages
• Register of any accidents on the premises
• Inspection book
• Monthly challans and returns submitted for ESI