Checklist For Various Statutory Returns
Checklist For Various Statutory Returns file consists of different statutory returns required to be filed by a manufacturing concern (Factory, plant).
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Every month after payroll process company or establishment has to submit various challan or returns to comply with government. It is very cumber sum for any HR to maintain track of each activity. If any company miss out any return or comply with government regulation than there are huge penalty involved in it.
So we are list down what are returns needs to be submit every month to avoid penalty.
Monthly Statutory returns are mainly divided in two category
- Income tax and Professional tax
- TDS Challan
- TDS Return
- Professional Tax Challan
- Provident Fund, Employee deposit linked insurance (EDLI) and ESIC (Employee State Insurance Corporation) returns
- ECR Return
- Form 3PS
- Form 4PS
- Form 6 PS
- Appendix A
- 7 IF
- Statement IW
- ESIC Challan
Lets check out each in details and before which date we have to submit it.
1) TDS Challan
TDS Challan is submitted by Employer who deduct TDS on Salary of employee. It is acknowledgment that TDS amount has been submitted by Employer. Challan need to submitted to Income tax department or online with in 7th of next month. There are various forms required to submit for different purpose like ITNS 280, 281, 282 and 283. But for TDS on Salary employer has to submit ITNS 281 ( which is Challan form for depositing Tax Deducted at Source (TDS) or Tax Collected at Source (TCS) ).
2) TDS Return
TDS Return and TDS Challan both are very different. Challan is acknowledgment while TDS Return is statement to be submitted for individual employees whose TDS has been deducted by employer, submitted to Income tax department and acknowledgment of TDS received every month. TDS Return needs to be submitted quarterly. There are different types of forms available for different purpose.
TDS return needs to submit with in 15th of every quarter
- Form 24Q for TDS on Salary
- Form 26Q on payment other than salary like PF, Gratuity and Leave Encasement
- Form 27EQ Tax Collection
3) Professional Tax
Professional tax is levied by state government while Income tax is levied by central government that is the reason Professional tax norms are different for different state and their due dates and period are also very for every state.
4) ECR Return
In recent years EPFO has started converting their manual paper based return submission process to online. Which will increase transparency in process and reduce corruption in department. As part of online statutory returns submission process they have dropped many forms which were required in previous manual process and come up with single ECR return which is acronyms of Electronic Challan eturn.ECR needs to be submitted by 15th of every next month.
5) Form 3PS
Form 3PS is employee details who are covered under employee pension scheme in any organization. 3PS is submitted to EPFO once in year by organization. As employee is also member of Employee Pension Scheme 1995 (EPS 95) along with Provident Fund. EPFO has not yet gone online for pension related returns. So all pension forms need to submitted manually.It need to be submitted by 25th of next month.
6) Form 4PS
Form 4PS contains joinee details. That means in last month how many employee has joined organization. This form need to be submitted to EPFO with in 21st of next month.
7) Form 5PS
Form 5PS has details about employee left the organization in last moth. This form need to be submitted to EPFO with in 21st of next month.
8) Form 6PS
Form 6PS is monthly statutory returns which contains contribution amount of Employee Pension Scheme and EDLI.This need to be submitted by 21st of next month.
9) Appendix A
Appendix A is monthly return which contain income and expense figure of exempted trust along with invest-able surplus. Recently format of has been significantly changed by EPFO and made compulsory to submit online. Appendix A need to be submitted by exempted Trust on 25th of next month.
7IF report is related to EDLI. If company has EDIL exemption than company has to submit 7IF returns to EPFO. 7IF contains detail related to new joining left employee and premium amount deposited to any approved insurance company. This form need to be submitted by 25th of next month.
11) Statement IW
This return contains information related to international worker. If organization has expats from other country or Indian employee went to other country for long period than all those worker detail need to be submitted to EPFO through this form.This statement need to be submitted by 25th of next month.
12) ESIC Challan
Employee whose salary is lower than fifteen thousand they have to contribute to ESIC. Employer has to submit all deducted ESIC amount to ESIC department through online ESIC portal. ESIC has very aggressive in migrating all their manual process to online submission process. You have to submit only one return every month through ESIC portal.Challan submission is done on 21st of next month.
Click here and Download the Checklist For Various Statutory Returns
Checklist For Various Statutory Returns
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