The Employees' Provident Fund came into existence with the promulgation of Employees’ Provident Fund Ordinance on the 15th of November, 1951.
This Scheme is regulated under the Employees’ Provident Fund Organization (EPFO) and Miscellaneous Provision Act, 1952.
APPLICABILITY
Registration for PF is compulsory for the companies / Organizations who employ 20 or more individuals. Also, a small organization that does not have the maximum Strength can register them voluntarily. The organization which grows to strength of 20 members is expected to register them within one month of attaining the minimum strength, subject to certain conditions and exemptions.
All employees become eligible for a PF right from the commencement of employment and the onus of deduction & payment of PF is with the employer. The 12% rate of PF contribution should be equally divided between the employee and employer. If the establishment houses less than 20 employees, the rate for PF deduction is 10%.
Eligibility:
EPF registration is compulsory for all establishments-
Central Government can notify any establishment employing less than 20 employees after giving no less than two months 'notice of compulsory registration Where the employer and majority of employees have agreed that the provisions of this act will submit to the establishment, they can apply to the Central PF Commissioner themselves.
Rates of Contribution:
a. Employee contribute-12%
b. The employer contributes- 12%, the employer part consists of 12% of basic wages + dearness allowance + retaining allowance.
Number of employees less than 20 in an organization then the PF rate is 10%
Step1. Register your organization on EPFO portal
Step 2. Register your DSCs
Step 3 Fill the employer’s Detail
Step 4. Verify your application then submit
Documents and information required for registration:
a. Name of the company.
b. Date of the setup of the organization.
c. Scanned copy of the company’s PAN (Proprietor’s, in case of proprietorship concern).
d. Scanned copy of the licenses available in the name of the company. (Like GST).
e. Scanned copy of the cheque of the company’s bank account.
f. Address of the company with address proof.
g. List of Directors / Partners.
h. Address proof of Proprietor / Director / Partner of the company.
i. Email address, Mobile Number of Proprietor / Director / Partner of the company.
j. Copy of First sale bill / Job work bill and First purchase bill.
k. The monthly strength of employees from the date of setup.
l. Current list of employees with their details:
m. Digital Signature of the Proprietor / Director / Partner
S.No. |
Provisions |
Compliance |
1 |
Employer and Employee’s PF dues |
15th of the following month |
2 |
Payment of Pension Fund |
15th of the following month |
3 |
Payment of Insurance Fund |
15th of the following month |
4 |
Detail of employees |
Detail of employees enrolled as members PF fund, within 1 month of coverage in the prescribed form |
5 |
Nomination Form |
Immediately on Joining the fund in the prescribed form |
6 |
Addition of members |
Detail of newly enrolled members within 15 Days of the following month in the prescribed form |
7 |
Deletion of member |
Detail of members left service during the monthbefore21st of the following month in the prescribed form |
8 |
Details of contribution |
Detail of employees and employer’s contribution by 25th of the following month in the prescribed form |
9 |
Detail of wages and contribution |
For each member details shall be given By 30th April every year |
10 |
Yearly Consolidated statement of contribution |
To be forwarded yearly along with Form 3A |
11 |
Return of ownership of the establishment |
Within 15 days on coverage and whenever there is a change in ownership |
12 |
Transfer of PF |
Form 13 needs to file |
Registration for PF is compulsory for the companies / Organizations who employ 20 or more individuals. Also, a small organization that does not have the maximum Strength can register them voluntarily. The organization which grows to strength of 20 members
All the business which are operating in the market and want to get a legal existence and want avail benefits under MSME scheme can get register themselves under Micro, small and medium enterprise development act 2006 and as per government enacted act Micr
In 2017 parliament if India has passed the Goods and Service Tax act (GST act) and this act came into effect from 1st July 2017. It’s an indirect tax which replaced many other prevailing indirect taxes in India. It is all in one tax which includes a v
Startup means an entity, incorporated and registered in India which fulfils the following: Is any of the following Private Limited Company Public Limited Company Limited Liability Partnership Partnership Firm The annual turnover of the applicant s
RNI stands for the Registrar of Newspapers of India. RNI registration is a mandatory requirement to start a business of newspapers, magazines or journals in India. In India all the publishing industry is governed under the press and books registration act
In India, the real estate sector plays an important role in meeting the housing and infrastructure growth needs and demands. Although this sector has developed rapidly in recent years, it has been largely unregulated, given the absence of professionalism
An autonomous body created by the law under the Ministry of Labour and Employment, Government of India is known as Employee State Insurance Corporation. This scheme is started for Indian workers. The workers get a huge variety of medical, monetary and oth
NSIC stands for National Small Industries Corporation. It is a Govt. of India enterprise with the aim of helping small and micro-entrepreneurs to flourish in business activities. NSIC operates through a countrywide network of offices and aims to promote a
No person shall begin or carry on the export business of any spice, unless it has obtained registration under Spice board for making such export. The Spices Board is the regulatory and export promotion body for Indian spices under the Indian government
Under Ayushman Bharat or National Health Protection Scheme, every qualifying family will receive an annual rs.5 lakh insurance premium Benefits under this scheme are not exclusive to any hospital or branch in question. The patient will benefit from any
The Legal Metrology Directorate is a separate government department of the Ministry of Consumer Affairs, Food and Public Distribution. Legal Metrology is responsible for the standards and regulations relating to measurements and weights of measuring instr
A Free Sale Certificate (“FSC”) is a certificate issued by the national regulatory authority of the exporting country on the basis of national legislation stating that the product is freely available in the country but without any confirmation that th
MSME udyog aadhar registration has been replaced by Udyam Registration with effect from 1st of July 2020 as per the notification dated 26th of May 2020. The Ministry of Micro small and medium enterprises notified certain criteria for classifying the ente
Pursuant to the amendments in the 1975 Professional Tax Act , a person (natural / legal) registered under the MGST Act is liable to register for Professional Tax Enrollment Certificate (PT-EC) and pay Rs.2500 annually. Furthermore, if the business has any
PSARA License is a prerequisite before any person in India starts a private security company. The Private Security Agency is an entity involved in providing security guards and other related services as an alternate to the police at an establishment. The
We are just a call or message away!
Call or WhatsApp us on +91-99991-39391 to free consultation about this service with our team of professional. You can also email us on reach@corpzo.com.
Precision is our speciality!
Upon completion of the documentation we waste no time in preparation and filing of your application. Once filed we will share the acknowledgement with you.
We understand your business needs!
We align a professional to ensure you have you to discuss in detail the compliance requirements of your business and through assistance throughout the process.
Accuracy ensures timelines!
Our team warrants hassle free documentation. We collect the necessary documents and share the relevant drafts to ensure a timely filing and delivery.
Keeping you informed is our responsibility!
We thrive to keep you apprised about the status of your application until its completion. Every development on your application is brought to your attention.
We deliver what we commit!