Ask 4 Compliance | EPF Registration
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EPF REGISTRATION

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EMPLOYEES PROVIDENT FUND (EPF) REGISTRATION

A Provident Fund is a form of social safety net into which workers must contribute a portion of their salaries and employers must contribute on behalf of their workers. The money in the fund is then paid out to retirees or in some cases to the disabled who cannot work. Employee Provident Fund is one of the main platforms of savings in India for nearly all people working in Government & Public Sector Organizations. It is important for every working individual to understand the importance of EPF and how it can benefit him or her.
Every establishment in which twenty or more persons are employed has to apply for Provident Fund Registration within One month from the date of applicability. All employees are eligible to become a member of provident Fund from the date of joining the establishment. Employee Provident Fund is a very important tool of retirement planning. The tax free interest (compounding) and the maturity ensures a good growth of your money. If continued for a very long term, it can help immensely in meeting ones retirement goal.

Every employer to which Provident fund act applies has to deduct and deposit to the central government, the provident fund deducted along with Employer Share, for those employee which basic wage plus dearness allowance is equal or below to Rs 15,000/-. Under the EPF Scheme both the employees and employer contribute equally to the Employee Provident fund at the rate of 12% of the basic wages, dearness allowance and retaining allowance, if any, payable to employees per month. Employer’s contribution of 12% of basic salary is totally deposited in provident fund account whereas out of Employee’s contribution of 12%, 3.67% is contributed to provident fund & 8.33% is deposited in Pension scheme.

Our team of highly qualified professionals at Ask4compliance.com can help your business obtain EPF Registration to avail a host of benefits.

Process & Timeline

6-8 days

Professional Fees

Rs. 5500

(GST, Government Fees and other Out of Pocket Expenses Extra)

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ADVANTAGES OF EMPLOYEE PROVIDENT FUNDS

  • Contribution to Employee Provident Fund: Employees’ contribution to the Employee Provident Fund comprises of 12 per cent of the Basic + Daily Allowance + the cash value of food allowances.
  • Beneficial Contribution: Those who have a basic salary of up to Rs. 15,000, contributing to the Employee Provident Fund is mandatory. To the enjoy the benefits of the Employee Provident Fund like emergency use of  the fund in case of accident and various other family obligations.
  • Safety of Returns: The Employee Provident Fund is the safest debt instrument. Backed by the government, it guarantees safety of principal money as well as the interest earned on the principal, making it suitable for long term financial goals.
  • Loan facility on Employee Provident Fund: Most companies offer you a loan against Employee Provident Fund as a security at reasonable rates of interest. So the higher your PF balance, the more we are eligible for such loans. In times of a crisis, if we so require some money, then Employee Provident Fund could come to our rescue.
  • Tax Benefits: The employer contribution to your EPF is tax-free, and your contribution is tax-deductible under Section 80-C of the Income Tax Act. The money you invest in EPF, the interest earned and the money you eventually withdraw after the mandatory specified period (5 years) are exempt from Income Tax. However if a person withdraw the amount of provident fund before the end of 5 years all the benefits he got u/s 80-C against Provident Fund will get reversed & added with the income in which withdrawal has been made & fully taxable. So be careful about the timing of withdrawal. Benefits under the pension fund is available only after the continuous service of 9.6 years & after completing the age of 58 years (continuous service of ten year does not means to work with the same company but every time when a person change job, the PF account must be transferred & continuous for ten years).

DOCUMENTS REQUIRED FOR GST REGISTRATION

  • Copy of the Pan Card of the Company.
  • Self attested copy of, Bank Statement, Landline Bill, Power Connection Bill, Water Bill in the name of the establishment, Any license/certificate/number issued by any Govt. authority etc., as address proof of the establishment.
  • In case of company Memorandum/Articles of Association/List of Directors.
  • Copy of registration certificate issued under Companies Act, Sales Tax Act, Co-operative Society act, Importer and Exporter code etc.,
  • In case of factory, License number and date of issue of license.
  • Business Activity of the firm/company.
  • Details of other Registration in any other statute, if any.
  • If the establishment is covered under ESIC act, ESIC Number issued by the department.
  • Details of employees along with their address, Basic Salary and date of joining the firm/company.
  • E-Mail id and Mobile number of the firm/company.
  • Details of Bank account along with a Cancelled cheque.

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