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Tuesday 12 April 2011

Provident Fund

How to include employee for PF Deduction?
under PF Scheme in current financial year.
Why PF is not calculating?
Employee will be considered for PF calculation only if you have included the employee under PF Scheme.

What are the various reports associated with PF?
PF monthly report This is a report that needs to be generated every month and it contains the details of Employee Pf, Employer PF, VPF and PF Basic for the employee. Based the numbers appearing in this report, the company needs to make payments to the government every month.
PF - Form 5 This is a report that is generated every month. This gives a list of all employees who have joined the company in the current month. Based on an option setting, this report can also indicate all the employees whose payroll has been processed for the first time in this month.
PF - Form 10 This is a report that is generated every month. This gives a list of all employees who have left/resigned the company in the current month. Based on an option setting, this report can also indicate all the employees who have been settled in this month.
PF - Form 12A This is a report that is generated every month. This gives a summary of the number of employees currently covered under PF, total contribution for the month and other details
PF Challans The triplicate copy of challans in token of having remitted the Provident Fund dues in the bank- to be submitted along with form-12A every month.
PF - Form 3A This report is gene rated once a year. This report gives a summary of all the PF deductions (employee and employer) done for the employee in a given PF Year.
PF - Form 6A This report is generated once a year. You can think of this report as a summary of all Form 3A. This report gives the total deductions done for each employee in a given PF Year.

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