EPF Registration |

Every Company/Organisation employing more than 20 individual (contractual and/or permanent) is required to get compulsory registration. There is also provision for voluntarily registration if the organisation does not match the minimum strength limit. A Compulsory registration is required to be done within one month of reaching the limit of 20 individuals.

Accumulations

Accumulation plus interest upon retirement, resignation, death.

Withdrawal

Partial withdrawal allowed for specific expenses such as house construction, higher education, marriage, illness etc.

Insurance

According to revised scheme payment of benefit amount to be 20 times of the wages or based on the deposit in the Provident Fund, which ever is less.

WHAT ARE THE REQUIREMENTS FOR REGISTRATION IN EMPLOYEES PROVIDENT FUND?

Companies/ Organisation employing more than 20 individual (contractual or permanent) is compulsory required to get them registered. Any company/ organisation employing less 20 individual may get them voluntarily registered with Provident Fund authority.

WHAT ARE THE DOCUMENTS REQUIRED FOR EPF REGISTARTION?

Copy of partnership deed if the company is a registered partnership firm
A copy of the Certificate of incorporation for a Public or Private Limited Company. This should be issued by the Registrar of Companies
Societies should furnish a copy of their registration certificate
Public and Private Limited Companies need to submit a copy of memorandum and Articles of Association
Societies should furnish a copy of the rules and objects of the society
Public and Private Limited Companies need to submit a copy of memorandum and Articles of Association
Societies should furnish a copy of the rules and objects of the society
All legal documents which might be required under the Income Tax Act
PAN details of company
Partition deed
Proof of incorporation – first sales invoice/ license issued by competent authorities
Salary details of employees
Balance sheet details

WHAT IS THE CONTRIBUTION OF EMPLOYER?

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 provident fund and 8.33% is submitted in Pension scheme..

IS EMPLOYEE PROVIDENT FUND IS TAXABLE?

Only interest accrued on 60% of the contributions to the Employee Provident Fund after April 1, 2016 will be taxed while the principal amount will remain tax exempt.

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5500/- all inclusive