Employees Provident Fund
The EPF contribution by an employer will be tax-free.
The amount including the amount interest will be exempt from tax on withdrawal after a specific period.
Organizations can also enroll themselves voluntarily under EPF laws.
Employees Provident Fund - An Overview
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.
Key Features OF - Employees Provident Fund
Contribution
- Employee’s contribution – 12% of the basic salary
- Employer – 12% of the basic salary
Tax-free earnings
- Interest on PF is exempt from tax
- Withdrawals at maturity or beyond 5 years
Financial security
- Retirement, resignation and on a loss of income
- Emergencies, Death or disability
Quick registration
- Online filing of an application
- Easy documentation and Faster processing
Documents Required for Employees Provident Fund
- Digital Signature
- Adhar Card
- Pan Card
- Cancelled cheque
- Pan card of entity
- Electricity Bill
- Shop and establishment Certificate