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What is EPF REGISTRATION IN INDIA?
About EPF Registration in India
EPF stands for Employee Provident Fund, which is a government-backed savings scheme for employees in India. Under this scheme, both the employer and employee contribute a certain percentage of the employee’s salary every month, which is then accumulated in a provident fund account. The purpose of this scheme is to provide financial security to employees after retirement, and it is applicable to all establishments that have more than 20 employees.
The contribution towards EPF is usually 12% of the employee’s basic salary and dearness allowance. The employer contributes an equal amount to the employee’s EPF account, making it a total of 24%. In addition to the employee’s contribution, there is also a contribution towards the Employee Pension Scheme (EPS) and Employee Deposit Linked Insurance (EDLI).
The EPF scheme is managed by the Employees Provident Fund Organization (EPFO), which is a statutory body under the Ministry of Labour and Employment. The EPFO is responsible for the administration and implementation of the EPF scheme and also manages the pension and insurance schemes that are linked to the EPF.
The accumulated amount in the EPF account is paid to the employee on retirement or when the employee leaves the job. It can also be withdrawn in case of emergencies, such as medical treatment, home loan repayment, or education expenses.
Overall, the EPF scheme is a social security benefit that provides financial stability and support to employees after retirement.
IS GETTING EPF CODE REALLY IMPORTANT?
Importance of EPF Registration in India
Registering for the Employee Provident Fund (EPF) is important for both employers and employees in India for the following reasons:
Retirement Savings: The EPF scheme helps employees save a portion of their salary every month towards their retirement. The contributions made towards the EPF account earns interest and grows over time, providing financial security to the employee during their retirement years.
Tax Benefits: The contribution made by the employer towards the EPF is exempt from tax under the Income Tax Act, making it an attractive option for both employees and employers. Additionally, the contributions made by the employee towards the EPF account are eligible for tax deductions under Section 80C of the Income Tax Act.
Social Security: The EPF scheme is a social security benefit that provides financial support to employees during their retirement. It also provides financial assistance to the employee’s dependents in case of the employee’s untimely death.
Employment Benefits: Many employers in India provide EPF benefits as a part of their employment package to attract and retain talented employees. Registering for EPF can help employees enjoy additional benefits offered by the employer, such as insurance coverage and pension benefits.
Compliance: Registering for EPF is mandatory for employers in India with more than 20 employees. Non-compliance can result in penalties and legal consequences.
In summary, registering for EPF is important for both employees and employers in India as it provides retirement savings, tax benefits, social security, employment benefits, and ensures compliance with the law.
Documents required EPF REGISTRATION IN INDIA
List of Documents Required
To register for the Employee Provident Fund (EPF) in India, the following documents are required:
Business Registration Document: A copy of the registration certificate of the business or establishment, such as the certificate of incorporation, partnership deed, or registration certificate issued by the relevant government authority.
PAN Card: A copy of the Permanent Account Number (PAN) card of the employer or the establishment.
Identity Proof: A copy of the identity proof of the employer or the authorized signatory, such as a voter ID, Aadhaar card, passport, or driving license.
Address Proof: A copy of the address proof of the employer or the authorized signatory, such as a voter ID, Aadhaar card, passport, or utility bill.
Bank Details: Details of the bank account of the employer or the establishment, such as the bank account number, IFSC code, and MICR code.
Employee Details: A list of employees and their details, such as their name, date of birth, joining date, salary details, and PAN number.
Salary Structure: Details of the salary structure of the employees, such as basic salary, dearness allowance, and any other allowances.
Digital Signature: A digital signature of the employer or the authorized signatory is required for online submission of the EPF registration form.
It is important to note that the exact list of documents required may vary depending on the type of entity applying for the EPF registration. Additionally, employers may be required to submit any other relevant documents as per the discretion of the authorities. It is advisable to check the latest requirements before submitting the application to avoid any delays or rejections.
We Follow a Simple Pricing Model as Follows!
BASIC
You're Just Starting a new Business
₨4999
₨
3499
+ GST -
EPF CODE
-
CLASS 2 DIGITAL SIGNATURE
-
EPF EXPERT FOR 30 DAYS
-
DEDICATED ACCOUNT MANAGER
-
ESI CODE
-
FIRST QUARTER ECR PAYMENT
-
FIRST QUARTER FILING SUPPORT
-
DEDICATED EPF EXPERT FOR 90 DAYS
ADVANCE
You already have a running business
₨7999
₨
5999
+ GST -
EPF CODE
-
CLASS 2 DIGITAL SIGNATURE
-
EPF EXPERT FOR 30 DAYS
-
DEDICATED ACCOUNT MANAGER
-
ESI CODE
-
FIRST QUARTER ECR PAYMENT
-
FIRST QUARTER FILING SUPPORT
-
DEDICATED EPF EXPERT FOR 90 DAYS
PROFESSIONAL
You want to scale up your business
₨9999
₨
7999
+ GST -
EPF CODE
-
CLASS 2 DIGITAL SIGNATURE
-
EPF EXPERT FOR 30 DAYS
-
DEDICATED ACCOUNT MANAGER
-
ESI CODE
-
FIRST QUARTER ECR PAYMENT
-
FIRST QUARTER FILING SUPPORT
-
DEDICATED EPF EXPERT FOR 90 DAYS
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