ESI Return:

1. Monthly Contribution: Employers are required to contribute to the ESI scheme on behalf of their eligible employees. The contribution rates are set by the government and are calculated as a percentage of the employee’s wages.

2. Filing ESI Returns: Employers must file monthly returns of contributions paid under the ESI scheme using the ESIC (Employee’s State Insurance Corporation) portal. The return typically includes details such as the number of employees, wages paid, and contributions made by both the employer and the employee.

3. Due Date: The ESI return must be filed and the contribution must be deposited with the ESIC by the 15th of the following month. For example, the return for contributions made in January must be filed by the 15th of February.

4. Penalties: Late filing or non-payment of ESI contributions may attract penalties, including interest charges and legal consequences.

EPF Return:

1. Monthly Contribution: Employers and employees contribute a certain percentage of the employee’s salary to the EPF scheme, which is managed by the Employees’ Provident Fund Organization (EPFO).

2. Filing EPF Returns: Employers are required to file monthly EPF returns through the EPFO’s online portal. The return includes details such as the number of employees, wages paid, and contributions made by both the employer and the employee.

3. Due Date: EPF returns must be filed and contributions must be deposited with the EPFO by the 15th of the following month. For example, the return for contributions made in January must be filed by the 15th of February.

4. Annual Return: In addition to monthly returns, employers are also required to file an annual return known as Form 9, which provides details of the employees’ contributions and withdrawals during the financial year.

5. Penalties: Similar to ESI, late filing or non-payment of EPF contributions may attract penalties, including interest charges and legal consequences.

Compliance:

• Employers must ensure timely and accurate filing of ESI and EPF returns to comply with regulatory requirements and avoid penalties.
• It’s essential to maintain proper records of employee wages, contributions, and other relevant information to facilitate the filing of returns.
• Employers should stay updated on changes to ESI and EPF regulations, contribution rates, and filing procedures issued by the respective authorities.

Professional Assistance:

• Employers may seek assistance from chartered accountants, payroll service providers, or consultants familiar with ESI and EPF regulations to ensure compliance and proper handling of returns.
• Government websites and online portals provide guidance, forms, and resources for filing ESI and EPF returns. Employers should refer to these resources for accurate information and assistance with filing procedures.