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 PF must submit the return statement 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 Legit Filings 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.