Retirement living fund body EPFO has managed to get mandatory for non-public provident fund trusts to file their returns online every month from April in 2010 to improve the monitoring of such employers.
"(private PF trusts) are required to file e-return. It is mandatory return from April 1, 2014 onwards... all such recent establishments (trusts) ought to compulsorily file e-return seeing that on March thirty-one, 2014 (for all seasons 2013-14) and after that at regular monthly intervals, " a good order of Staff Provident Fund Company for field employees said.
Private PF trusts tend to be formed by businesses that manage the cash and accounts of these workers themselves. The members of such trusts enjoy tax and other advantages at par using EPFO subscribers. There are over 3, 000 such trusts that are regulated by the particular EPFO.
According to some senior official, the purpose of making e-return obligatory for private PF trusts will be another step in direction of digitisation of records of such trusts to increase their monitoring.
Inside the e-return, the trusts will provide information about employment within their organisation, contribution in direction of social security schemes, investments of funds, audit, financial statement and financial health from the trust.
The official said how the move would improve monitoring from the PF trusts and at last help the EPFO present permanent account range to members of such trusts.
The EPFO has chose to provide permanent account number to their over 5 crore subscribers from October in 2010. Permanent or wide-spread account number (UAN) will probably facilitate subscribers to avoid filing PF account transfer claims upon changing jobs.
Right after getting UAN, a subscriber wouldn't be issued brand-new PF account number on joining brand-new employer.
It is supposed to provide great reduction to those staff in organised segment who frequently transform jobs, particularly, inside construction sector.