Provident Fund was established to encourage employees to save and to benefit them during retirement. Both the company and the employee make contributions to the PF on a monthly basis. ESIC is a social institution in India that provides socioeconomic security to workers & their dependents.
PF (Provident Fund) and ESIC (Employee State Insurance Corporation) are social security schemes in India that provide benefits to employees. Employers are required to file PF and ESIC returns to comply with the respective regulations. Here is an overview of PF and ESIC returns filing in India:
PF Returns Filing:
ESIC Returns Filing:
Compliance and Penalties:
Maintenance of Records:
Employers are required to maintain proper records related to PF and ESIC contributions, wages, attendance, and other relevant details of employees.
These records should be readily available for inspection by the authorities.
Benefits to Employees:
PF contributions help employees build a retirement corpus, which they can withdraw at retirement or during certain specified circumstances.
It is important to note that this overview provides a general understanding of PF and ESIC returns filing in India. The specific requirements, due dates, and procedures may vary based on the nature of the establishment, number of employees, and changes in PF and ESIC regulations.
Provident Fund (PF) payments are due on the 15th of every month following the month in which deductions are made.
Provident Fund (PF) returns are due on 25th of every month following the month in which deductions are made.
A final PF Annual return is due on April 25th for the financial year ending on 31st March.
ESI Contribution amount needs to be deposited before 15th of the month following the month in which deductions are made.
Due date for ESI return filing is 15th of the month following the month in which deductions are made.
The half-yearly return of ESIC for the period April to September is due by 12 November, and October to March is due by 12 May.
Copies of PAN Card, Aadhar card & Address proof of employee and employer
PF registration scanned copy is required
Cancelled cheque of establishment is required.
Login credentials of EPFO and ESIC is required.
Please reach us at support@myfintax.in if you cannot find an answer to your question.
PF, or Provident Fund, is a social security scheme that helps employees save a portion of their salary for their retirement. It is managed by the Employees' Provident Fund Organization (EPFO).
ESIC is a social security scheme that provides medical and cash benefits to employees in case of sickness, maternity, disablement, or death due to employment-related causes. It is managed by the Employees' State Insurance Corporation.
Employers who have registered under the EPF and ESIC Acts and have employees eligible for PF and ESIC benefits need to file PF and ESIC Returns respectively.
PF Returns need to be filed monthly, while ESIC Returns are filed on a semi-annual basis.
PF Returns require details of employee salaries, PF contributions, and other relevant information. ESIC Returns require employee details, wages, and contributions made towards ESIC.
Yes, PF and ESIC Returns can be revised within the specified time limit if any errors or omissions are identified.
Late filing or non-filing of PF and ESIC Returns can attract penalties, interest charges, and legal implications. It is important for employers to comply with the due dates to avoid such consequences.
Yes, there are software and online platforms available that simplify PF and ESIC Returns filing, automate calculations, and ensure compliance with the respective Acts.
Yes, employers can claim refunds or make adjustments in PF and ESIC Returns for excess contributions or other eligible scenarios, subject to the rules and procedures of the respective Acts.
PF and ESIC Returns can be filed through the online portals of the EPFO (www.epfindia.gov.in) and ESIC (www.esic.in) respectively.
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