What are PF Returns?
The EPF is a structure governed by the Act on Provident Employee Fund and the Various provisions of 1952. The EPF is the system of employee funds. It is governed by the organization of the provision of funds (EPFO). For all institutions employing 20 or more individuals, PF registration is applicable. Furthermore, businesses with less than 20 workers may be automatically enrolled for PF.
- Provident fund is a social security scheme that has been developed to allow employers to invest funds so that they can benefit during their retirement.
The employer and the employee shall make monthly payments. And at the moment of his or her retirement will the employee withhold PF investments except for a few exceptions.
- It is the responsibility of all employers with PF registration to file returns every month.
Key elements linked to the Provident Fund :
PF Returns
Provident fund returns must be filed every month by all companies with PF registration. The return of PF is due on the 15th of every month. Besides, a final return to the PF is expected on 25 April for the year ended on 31 March.
PF Payment
Payments from the Provident Fund (PF) are due on the 15th of every month. A sum of 12 percent or 10 percent of employee salaries must be deposited by the company to PF on or before this date every month. The PF average of 12 percent will apply to most institutions.
UAN
The Consolidated Platform was introduced by the Employee Provident Fund to streamline and automate all facets of the Provident Fund for both employers and workers. For different programs, workers who have the newly reserved UAN can use the Centralized Platform.
What are PT Returns?
Professional tax is levied and raised by the Department of State Governments’ Industrial Taxes, by separate Local Corporations in some states, and collected by most Indian states. For the state, it is a source of revenue. The gross sum owed per year is INR 2,500 and fixed slabs occur in compliance with the income of the taxpayer. It is also payable to workers working in private businesses. Every month, the company deducts it from their employee and returns it to the state exchequer and the Local Corporation in some states. Paying technical tax is compulsory. For this charge, the taxpayer is eligible for an income tax deduction.
People eligible for PT Return :
People with professional tax registration must file professional tax returns. Before the last day of each month, all individuals with professional tax liabilities of more than Rs.50,000 shall file a monthly professional tax statement. On or before March 31, all persons with a tax obligation of less than Rs.50,000 in the intervening year shall file a tax return annually.
If any mistake or erroneous declaration is furnished, a revised professional tax return must be filed in Maharashtra. Check the return process at some point before the notice of assessment or before the expiry of the six-month period from the end of the year for which the return was due.
