PF filing refers to the process of submitting Provident Fund (PF) contributions to the Employeesā Provident Fund Organization (EPFO). It is mandatory for employers with 20 or more employees to deduct and deposit PF contributions every month.
The purpose of PF filing is to ensure employees receive retirement benefits, financial security, and savings growth..
The fundamental concept of "GST Return Filing" pertains to the annual process of "maintaining financial accounts." This practice can be categorized into various domains, such as financial GST Return Filing, general GST Return Filing management, professional GST Return Filing, services provided by chartered accountants, auditing, tax-related GST Return Filing, and cost-related GST Return Filing.
Filing for Provident Fund (PF) offers several benefits, including financial security and tax savings. The key components of GST filing include:
GST filing involves reporting business transactions, tax collected, and tax paid to the government. The key components of GST filing include:
PF helps employees accumulate a retirement corpus with employer and employee contributions..
Employee contributions qualify for tax deductions under Section 80C of the Income Tax Act.
The employer also contributes to the PF account, effectively increasing your savings.
PF allows partial withdrawals for specific purposes like home purchase, education, medical emergencies, or marriage.
A portion of the employer's contribution goes to the Employee Pension Scheme (EPS), ensuring a pension post-retirement.