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Overview
What is EPF Registration?
Provident Fund (PF) is one of the main platform of savings in India for nearly all people working in Government, Private or Public sector organizations. It is implemented by the Employees Provident Fund Organization (EPFO) of India. Registration has to be done within One month from the date of hiring 20th employees. PF is the best way to provide social security to the employees.
Provident Fund (PF) is largely an employee benefit scheme prescribed by the Government which provides facilities to the employees of an organization about medical assistance, retirement, education of children, insurance support and housing. It is created with the purpose to provide financial security and stability to employees.
Contribution towards EPF
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Contribution to EPF is to be done by both Employer and Employee.
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Employer deducts his employees’ share of EPF from his salary.
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Employer needs to deposit the amount of his contribution of EPF along with employees deducted share.
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The Employer’s contribution to EPF would be 12% and that of employee’s would be 12%.
Why is it necessary to contribute in EPF?
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The PF contribution by an employer will be tax-free.
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The amount including the amount interest will be exempt from tax on withdrawal after a specific period.
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Organizations can also enroll themselves voluntarily under PF laws.
Note:Â Any delay in registration of EPF (Employee Provident Fund) may result in a penalty.
Why Compliancemsme as your service provider for EPF (Employee’s Provident Fund) registration?
compliancemsme is a group of intellectuals. The entire team of compliancemsme consists of Highly qualified CA, CS, Lawyers and business administrators. compliancemsme would be a one stop destination for your EPF (Employee’s Provident Fund) registration in India. We also provide services like Start up advisory, Secretarial compliance services, PAN / TAN application, DIN registration, ESI registration, GST registration, Trademark registration, GST / Income tax return filing and many more. You may get in touch with our compliance manager on +91 7909997575 or email support@compliancemsme.com for free consultation and to know more about the services provided by us.
Benefits
ADVANTAGES OF EMPLOYEE PROVIDENT FUND REGISTRATION
Pension Coverage
Besides the contribution of the employee to EPF, the employer adds an equal amount which is inclusive of Employee Pension Scheme (EPS). Therefore, EPF saves you a robust pension.
Cover of Risk
In case of instances like illness, demise or retirement, Provident Fund helps the dependents of the employee by covering the financial risks they face in such situations.
Single Account/one EPF Account
The PF account can be transferred while switching jobs. Universal Account Number (UAN) linked to the Aadhar will start to facilitate the linking of the previous accounts. It can be carried forward to the new employer instead of being closed down. This uniformity ensures that the rate of return is compounded over the years.
Checking the EPF balance
Employee Deposit Linked Insurance Scheme
Any person who has PF account is eligible for this insurance scheme that requires only 0.5 % of the salary deduction as premium.
Documents required
List of Documents required for PF registration
Digital Signature
Digital Signature of Proprietor/Partner/ Director
PAN Card
PAN card Of Proprietor/Partner/ Director and Business Entity
ID Proof
Aadhar card and Voter ID/ Passport/ Driving License/ Election card of Proprietor/Partner/ Director
Incorporation Document
Certificate of Incorporation, MOA and AOA (In case of Company or LLP) and Partnership Deed (In case of Partnership Firm or LLP)
Complete List
List of all the Partners/ Directors/ Members along with mobile number and email id
Address Proof
Latest Electricity Bill/ Telephone Bill of the registered office address along with Rent Agreement (If any)
List of all employees
Employee details such as:
- Total Strength of the employee
- Full Name
- father’s name
- Mobile Number
- Date of Birth
- Date of joining
- Salary
- Grade,
- Identity proof such as PAN or Aadhar Card,
- Bank Account Number
Shop and Establishment Certificate
If available or mandatory as per state law
Cancelled Cheque
Cancelled cheque of bank account of business entity
ONLINE REGISTRATION
Register a PF in 3 Easy Steps
1. Answer Quick Questions
2. Experts available for Help
3. Your PF is Registered
*Subject to Government processing time
FREQUENTLY ASKED QUESTIONS
Explore PROVIDENT FUND REGISTRATION
Who must register with PF Department?
Any company which has 20 or more employees is required to be registered with the PF Department.
What is the time taken for EPF employer registration?
It will take 10-15 working days.
What is the contribution rate to the Provident fund & pension scheme?
12% of the basic salary deposited in provident fund account is contributed by employers, whereas out of employee contribution of 12%; 3.67% is contributed to the provident fund and 8.33% is submitted in Pension scheme.
What is the contribution of an employer?
The Employee contributes 12% of his /her Basic Salary & the same amount is contributed by the Employer. Employer contribution of 12% of basic salary is totally deposited in provident fund account whereas out of Employees contribution of 12%, 3.67% is contributed to Provident fund and 8.33% is deposited in Pension scheme.
What is the basic salary for EPF applicability?
Employees drawing basic salary up to Rs 15000/- have to compulsory contributions to the and employees drawing above Rs 15001/- have an option to become a member of the Provident Fund.
Is employee provident fund is taxable?
Provident fund contribution by the employer & employee is not a taxable income for Income Tax purpose.
What is the required number of employees required for employee provident fund applicability?
Any establishment which employs 20 or more employees, except apprentice and casual laborers, every Employee including contract labor who is in receipt of basic salary up to Rs. 15000 p.m. is covered by the Act. Any establishment which has been covered under the Act once shall continue to be governed by the Act even if the number of persons employed therein at any time falls below 20.
Which Cities do you provide your services?
compliancemsme.com provides PF Registration all across India. You can obtain PF registration in Ahmedabad, Mumbai, Pune, Bangalore, Chennai, Delhi, Kolkata, Kanpur, Nagpur, Jaipur or any other cities easily with us.
What is the filing and payment dates for PF?
Payment: 15th of every month
Returns: 25th of every month
Still, have confusion?
Don’t worry!! Our expert will help you to choose a best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at support@compliancemsme.com or call us @+91 7909997575.