Provident fund is a type of scheme where the salary of a monthly salaried is kept for pension person which only includes a small chunk of the salary for the purpose of giving it out at the end of the employment status of that set person in the given establishment.Every person who is enrolled for Provident fund must do PF return filing by the employer on monthly basis. This is a must as the returns that are filed matters to the contribution proof from the salary and the contribution from the employer’s end. The PF would not go under taxation in case of the Funds being saved for the period of 5 years in the employees record and there are proper returns filed on monthly basis from the employer’s end. The PF is transferable part of the work commitment, in essence if the employee has switched companies he or she works for, the funds can be transferred along with the account holding statements, to the new workplace PF management cycle. There would be no loss of funds accompanied as it is by basis completely transferrable. At Unilex Consultants we provide you legal guidance and also assist in every steps that would involve in dealing with PF handling and also filing returns for your company’s employees on monthly basis at the most efficient way.
It gives the organisation a moral view as they are interested in the employees welfare as much as the work they give out.
PF returns keeps the total PF process transparent indicates what the company has actually contributed.
The PF process is totally taken care by the Employees Provident Fund Organization of India which provides a peace of mind and is secure in nature.
As per Employee Deposit Linked Insurance scheme, in any organization where group insurance scheme is not available to the employees, the organization has to contribute 5% of monthly basic pay as premium for the life insurance cover.
The employee can withdraw six times his or her worth salary or the entire PF amount based on whichever is lesser at that point of time, and the thus taken funds can be used for personal or blood relationship medical needs.
The employer contribution is exempt from tax and employee’s contribution is taxable but eligible for deduction under section 80C of Income tax Act with proper returns filing.
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