Employee Provident Fund (EPF) is a scheme regulated under the purview of the Employees’ Provident Fund Organization (EPFO). This scheme has been evolved under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. EPF is a social security scheme that helps employees save a portion of their salary which is returned back to them as a retirement benefit in lumpsum. Such lumpsum amount helps employees to take care of their financial needs post-retirement.
All employers having PF registration are responsible to file returns on a monthly basis. With the help of TaxWink you can easily file for PF returns online.
EPF is applicable in the following cases:
- A factory engaged in any industry having 20 or more persons, and
- Any establishment employing 20 or more persons and
- Class of such establishments which are notified by Central Government
But before notifying any class of establishments with less than 20 employees, the government needs to give a notice of 2 months in the official gazette.
- Where the employer & majority of employees of an establishment has agreed mutually to apply for PF to Central PF Commissioner and a notification has been given in official gazette to this effect.
Due date of PF payment and Return
- PF Payment:-
Contribution towards EPF to be deposited on or before 15th of every month
- PF Return:-
- Monthly EPF return to be filed on or before 15th of every month