EPF or Employee Provident Fund is a scheme that is aimed at providing social security and retirement benefits to employees. The scheme is applicable to all employees who earn a basic salary of up to Rs. 15,000 per month. The employer is required to contribute 12% of the employee’s basic salary to the EPF account, and the employee is also required to contribute an equal amount.
EPF returns refer to the statement that contains details of the contributions made by the employer and employee to the EPF account. Every employer who has deducted EPF contributions from their employee’s salary is required to file an EPF return with the government. The return must be filed electronically using the EPFO portal.
The EPF return must contain details such as the name and address of the employer, the number of employees covered under the scheme, the amount of contribution made by the employer and the employee, and the interest earned on the EPF balance. The return must also contain details of any arrears or late payments made by the employer.
Filing an EPF return is mandatory for all employers who have employees covered under the scheme. Failure to do so can result in penalties and legal action. It is important to file the return accurately and within the specified due date to avoid any penalties or interest.