EPF Forms & Legal Compliances

Introduction–

Employees’ Provident Fund (EPF) aims to provide various benefits to the employees’ on the completion of their service period. Every organization with 20 or more employees shall register under Employees’ Provident Fund Organization (EPFO). In this blog various EPF Forms & Legal Compliances are discussed in detail.

Topics Covered –

What is EPF?

Employees’ Provident Fund (EPF) is a saving scheme that is introduced by the Employee’s Provident Fund Organization (EPFO) under the direction of the Government of India. This scheme is beneficial investment method towards the salaried employee. It encourages the practice of saving money to build a substantial retirement benefits.

Explain various forms filed under EPF Act, 1952?

EPFO provides various benefits to its registered members under EPF Act. But a member shall have to inform this to EPFO through specific forms for specific purposes. Below is the list of EPF Forms and their uses-

EPF Form 5–

It is filled by the employer to submit the details of all new employees recruited by the organizations & who are eligible for EPF for the first time. In case no new employee is recruited, employer have to mention NIL in the form.

EPF Form 31-

This form is used for Partial withdrawal of Funds from the EPF Account. An employee can withdraw funds, depending upon the purpose and years of service. The Form can be filled online as well as offline through the EPFO Portal.

EPF Form 14-

It is the application for financing a LIC policy from the EPF Account. Employee have to fill the form, get attested by the employer & submit it to the EPF Commissioner.

EPF Form 13

The form is filled by the employee for transferring the old EPF account to the new EPF account. This form is applied for transfer request of old EPF account. Also it can be applied directly at the time of switching the job through Composite Claim Form.

EPF Form 19

Form 19 is filled by the employee to claim final settlement of old EPF accounts. In this form employee gets an option to choose the mode of payment either by cheque, ECS, etc. It is applicable to employees who do not have UAN.

EPF Form 20

The form is filled by nominee of a deceased member for the final settlement of EPF account. Guardian shall have to fill the form in case the nominee is minor or lunatic.

EPF Form 15G

The form is filled to save Tax on interest earned by employee from EPF. Also, the form can be furnished in case of amount Rs 50,000 is withdrawal before 5 years of Services. Form 15H has to be filled in case of Senior citizens in place of Form 15G.

EPF Form 11

Form 11 is a declaration form which has to be submitted at the time when the employee switches job for transferring the previous EPF amount to the new account. The following details includes-

UAN of the employee
Previous EPF account number
Date of exit from the employment

What are the EPF Compliances under EPF & MP Act, 1952?

Form. No.	Provisions	Due Date
2	Nomination Form	Immediately on joining EPF fund
11	Declaration Form	Immediately on joining EPF fund
5	Details of new enrolled employees	15th of the following month
9	Employees details	Details of employees within 15 Days of enrollment as members EPF Fund
12A	Total number of employees in each month end	25th of the following month
ECR*	Employer & Employee’s EPF payment dues	15th of the following month
3A	Details of wages & contribution	30th April every year
6A	Yearly consolidated statement of contribution	30th April every year
10	Removal of employees	15th of the following month
15G/15H	Save tax on interest earned from EPF	Before 31st March every year
31	Partial withdrawal of EPF Funds	–
19	Claim final settlement of old EPF account	–

ECR*– Electronic Challan Cum Return

What are the implications for Non-Compliance of EPF Act?

Delay in the deposit of EPF-

Interest-

If the person who fails to complete the payment within the given time period, shall be in charge for paying 12% per year interest per day of delay.

Penalty-

Some charges mentioned by EPFO for late payment of the PF deposit.

Delay up to 2 months – 5% interest per annum

Delay of 2 – 4 months – 10% interest per annum

Delay of 4 – 6 months – 15% interest per annum

Delay of more than 6 months – 25% interest per annum which may exceed to 100% at a time.

Note- If an employer

Contravenes, or makes default, or avoid to any payment under the EPF Scheme knowingly or makes any false statement or false representation shall be punishable with imprisonment up to 1 year, or with a fine of Rs. 5000, or with both.
Defaults in payment of administrative charges under the EPF Act, shall be punishable with imprisonment for a time period which may extend up to 3 years, however-
- n case of default in payment of employee’s contribution deducted by employer form the employee’s wages shall be punishable with Imprisonment not less than 1 year and fine of Rs. 10,000
- n any other case, Imprisonment shall not be less than 6 months and fine of Rs. 5000.

Conclusion-

Compliances under the EPF Scheme is tough task as it involves various important elements and aspects. EPF require several compliances and thus require professionals’ help for such compliances. If you are also looking for help regarding EPF Compliances then Manthan Experts is the right choice. Get assistance with EPF Compliances from our experts’ team.