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Employees Provident Fund or EPF is the form of financial security for the working professionals after retirement. It is that ideal retirement plan where an employee and his employer share an equal amount of money to the fund.
By the Employers’ Provident Funds and Miscellaneous Provisions Act, 1952 (PF Act), regular and timely contribution to the fund is ensured. All employers registered under the EPF scheme are required to file a return both monthly and annually.
EPF return deadline is the date by which salary is deducted from the employee’s account towards the PF fund. By the 25th of every month, EPF payments are to be paid. If an employer fails to meet this deadline, they will face a few penalties.
Upon the late payment of EPF, the member is subjected to the following two penalties -
Though PF Benefits are quite notable, while managing a business, some due dates are inevitably going to go out of your mind. So, it is advisable to hire an accountant to take care of all the financial compliances.
In the digital age, hiring an online accountant is both time-saving and convenient for busybodies.
Online Legal India™ is leading the game as far as Online Accounting is concerned. With PF registration and PF Return Filing, our experts are also going to handle other financial functions.
For any legal, professional & financial assistance in supervising your professional career and financial issues, get in touch with India’s best online accounting platform now!
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