Register your Provident Fund @ Rs.799 (Professional Fee)
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Provident Fund or Employees Provident Fund (EPF) is a scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated under the purview of the Employees’ Provident Fund Organisation (EPFO) which is one of the World’s largest Social Security Organizations in terms of clientele and the volume of financial transactions undertaken. Basically, EPF is normally like a benefit to an employee during the retirement provided by the organization.
All establishments that have employed 20 or more than 20 employees can apply for PF registration in India. In some cases subject to the circumstances and the exemption establishments employing less than 20 are still eligible for PF registration. The Employee gets an amount that includes the self and employer’s contribution with interest on retirement or resignation
An employee’s contribution towards an EPF account is eligible for tax exemption under Section 80C, the interest rate earned is exempt from income tax.
PF is an option which serves as an important tool for retirement planning for employees. Accumulated PF proceeds can be used under the MIS scheme for getting a fixed amount per month.
Uncertainties are a part of life. Therefore, being financially prepared to face such unwarranted situations is the best an individual can do deal with exigencies. An EPF fund acts as an emergency corpus when an individual requires emergency funds.
Insurance and Pension
The life insurance of the employee and getting the interest amount as pension act as the added benefits of the Provident fund’s scheme.
Ascertain the Requirements of Registration
Make the payment of registration fees
An application is filled online
Get the PF Registration Certificate
- If Number of employee exceed 20 than mandatory registration.
- Organization can opt for Voluntary registration
- Organizations need to pay,Contribution at specified rate and within specified due dates.
- The employer can seek exemption from P.F. Scheme for the entire establishment if the majority of the employees also consent for exemption, subject to certain conditions governing grant of exemption and certain formalities.
- Incorporation Certificate
- ID proof of Directors
- DSC of Director
- Director’s Address and ID Proof
- MOA, AOA
- Mobile Number and Official ID of all Directors
- Board resolution
- Name, Father’s Name, Date of joining ,Date of birth, Mobile number, Postal address
- Name of nominee, Grade, Salary, Designation, ID proof (Aadhaar Card and PAN Card)
- Bank A/c number with IFSC code
- Voluntary application, employee details, Signature, date of agreement
- First sale bill.
- First purchase bill of raw material and machinery.
- GST Registration Certificate if registered under GST.
- Name of the bankers, address of the bank.
- Record of a monthly strength of the number of employees.
- Register of salary and wages, all vouchers, all balance sheets from day one to current date of provisional coverage.
- Date of joining of employees, fathers name and date of birth.
- Salary and PF Statement.
- Cross cancelled cheque
1.What is Employees’ Provident Fund & Miscellaneous Provisions Act, 1952?
It is social security legislation for the future benefit of employees and their dependants; in case of unfortunate incidents occurring in the future.
2. What are the various schemes under the Act?
The Act provides for three different schemes: Employees’ Provident Fund Scheme – a savings scheme where the employee gets the entire accumulated balances at the time of his retirement (or earlier – for some specific events). Employees’ Pension Fund Scheme – is a monthly pension payable to employees on their superannuation or death or permanent disability Employees’ Deposit Linked Insurance Scheme – provides assurance benefit upon death of employee while in service.
3. Is the interest on PF taxable?
No, interest earned by an employee on his Provident Fund balance is not taxable.
4. What is a PF number? How is it allotted?
The RPFC (Regional Provident Fund Commissioner) allots the PF number to an organisation that enrolls with it. For Delhi based companies this number could be DL/92803. In addition to this, the employer allots a separate number to each individual employee.
5. Which form has to be filled while transferring provident fund deposit ?
You just have to fill form no 13 to transfer your P.F amount.