EPF employee provident fund scheme is a scheme introduced by Government of India it is scheme help employee to save specific amount of money for employee retirement and it is deducted from the employee salary in the duration of their service, employer or the company which employed the employee is tasked to make the payment towards the provident fund, both the employee and employer contribution towards the EPF scheme , employer contribution differ/varies from the contribution of employer .when employer makes transaction towards PF challan is created acknowledging the payment that is called Epf challan. Following are the details present in challan.
1. Establishment code no: code given to each establishment and mentioned in the PF number.
2. Paid by cheque/cash: mode of payment chosen by the employer
3. Dues for the of the month of PF is contributed by employee and employer
4. total wages due: number of employees registered in the EPF scheme
5. Account 1: Deposits made towards PF account contains both employee and employer contributions
6. Account 10: mentioning of PF contributions.
7. Account 21: payment deposited into the insurance
Particulars in the EPF Challan
Particulars are the table where all the various amounts are mentioned in front of the appropriate heading.
1. Employers share of cont.: total contribution of the employer for the certain period of time
2. Employee’s share of cont.: total contribution of an employee for the certain period of time Admin charges: charges paid provident fund management.
3. Insp charges: inspection charges for inspecting insurance policy payments
4. Penal damages: penalties paid for remittance employer contributions
5. Misc payments
Particulars employer fills in details of the total amount to be remitted, the name of the company and its address. It also contains the details of the cheque or demand draft being used for the payment. The last column contains bank acknowledgment of the payment
Advance tax is a tax made the employee towards the income tax it is deducted from the salary of the employee / it will be deducted at the source it is also known as TDS (tax deducted at source)
The interest rate mostly will be 6% if one fails to pay TDS penalties will be applied in the second installment. Challan created after the payment of the TDŚ is called advance tax challan
Details present advance tax challan are
PAN is mandatory
Name of employee
Company name/ address
Type of payment
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