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What’s EPF?
EPF or Workers’ Provident Fund is a financial savings fund that will get gathered in the course of the employment tenure of an worker. EPFO or the Worker Provident Fund Group is the regulatory authority for EPF.
- An equal contribution is made by each the worker and the employer in the direction of EPF accumulation.
- EPFO or the Workers’ Provident Fund Group regulates the EPF scheme to supply retirement advantages and social safety to eligible staff.
- EPF is necessary for workers with a month-to-month CTC of INR 15000 and above.
- EPF is launched when an worker retires from service.
- The employer is accountable for deducting worker contribution and transferring it to the worker PF account.
- Equal contribution is necessary, whereby each the employer and the worker contributes and equal 12%.
- If the group employs lower than 10 staff, the employer could contribute solely 10%.
Relevance of Employer registration for EPF
A corporation/employer should get hold of EPF registration if:
- The group employs greater than 20 staff.
- The group employs lower than 20 staff, and the employer and worker mutually conform to make EPF contributions, the group can get hold of voluntary registration.
- When the provisions of the EPF act is compulsorily utilized on the discretion of the Central PF Commissioner by giving two months’ discover.
Eligibility for Employer EPF registration
- Penalty costs will apply for late registration.
- When an organization’s complete worker energy will increase to twenty, the corporate should register with EPFO, inside a interval of two months, after reaching the energy of 20 staff.
- Other than firms, co-operative societies and registered organizations should mandatorily register with EPFO. Co-operative societies must register themselves with EPFO after their complete worker energy reaches 50 or above.
- EPFO rules and provisions are relevant for registered organizations no matter their worker energy.
Advantages of EPF:
EPF advantages staff within the type of social and monetary safety, submit retirement.
- Liquid financial savings: The gathered fund in PF account could also be utilized by the worker in antagonistic conditions like well being crises or lay-off. PF is due to this fact a liquid supply of fund accessible for the worker with a UAN quantity through the EPFO portal. If the worker shifts to a different job, he/she could simply switch his PF account to his/her present employer.
- Tax-free: Revenue Tax rules will not be relevant on EPF, both on the deposit quantity or on its curiosity.
register
The registration course of for employers is simple and may be performed in just a few clicks.
- Log onto www.epfindia.gov.in
- Click on on the hyperlink named ‘Institution Registration’
- Observe the directions accordingly, to efficiently full registration.
Each on-line and offline registrations are acceptable. Nonetheless, the pandemic state of affairs suggests on-line registrations. The registration type for employers could also be downloaded from https://registration.shramsuvidha.gov.in/user/register.
Required paperwork on the time of registration
On-line registration of EPF is a straightforward course of offered you’ve got the next paperwork prepared at hand previous to the method. Digital Signature Certificates or DSC is necessary and is due to this fact advisable to course of DSC earlier than starting the applying course of.
For proprietorship companies:
- Identify of applicant/Employer
- PAN card particulars
- Id proof
- Tackle proof (Official)
- Tackle proof (Residential)
- Contact quantity
For Co-operative societies (Belief/Societies):
- Certificates of Incorporation
- Memorandum of Affiliation
- Articles of Affiliation
- PAN card particulars
- Particulars of the president and members
- Tackle proof
For partnership companies:
- Copy of the partnership deed
- Tackle proof, and id proof for all companions
- Certificates of registration
- Particulars of all companions
For Restricted Legal responsibility Partnership companies/Corporations:
- Certificates of Incorporation
- Id proof of Director
- Digital Signature Certificates of Director
- Particulars of all administrators
- Tackle proof and ID proof of all administrators
- Memorandum of Affiliation
- Articles of Affiliation
Different enterprise entities:
- First sale invoice
- First buy invoice of equipment
- Financial institution title, department, account quantity, IFSC, deal with
- Month-to-month energy of staff recorded
- Particulars of wage
- Particulars of PF
- Cross cancelled cheque
Extra paperwork which may be vital:
- Utility payments not prior to 2 months
- GST certificates
- Proforma for Protection type
- Type 5A with Annexure 1
Submit the next particulars for EPF registration process
- Identify of the corporate and the official deal with
- Particulars of department and head workplace
- Date of firm registration
- Whole worker energy and worker particulars (Aadhaar, PAN, checking account particulars, contact particulars, date of start and designation for UAN allotment)
- Business of the corporate
- Authorized standing of the corporate
- Particulars of all licensed signatories (together with extra), designation and deal with
- Particulars of the whole wage disbursed in a month
- Particulars of the accomplice financial institution
- PAN Card particulars
- Digital Signature Certificates registration (DSC)
EPF – Latest updates
- Freelancers have been added to the umbrella time period of staff who’re eligible for provisions of EPF, as of September 2020.
- The rate of interest has been diminished to eight.5%, as of March 2020.
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EPF Registration FAQs:
1. Forgotten consumer ID and password?
Click on on the hyperlink ‘Forgot password’. Enter institution ID, major electronic mail deal with and cell quantity. Reset password.
2. Error message ‘your institution is already registered’ when clicking on ‘Get Particulars’?
Verify if EPFO workplace chosen is appropriate. Verify if the extension quantity and code quantity entered is appropriate. If these particulars have been entered appropriately, ship a mail to ecrhelpdesk@epfindia.gov.in with topic line ‘Reset registration’.
3. If you’re a licensed signatory/employer of greater than 1 institution, is it a one-time registration for all institutions underneath you?
No. Every institution should be registered individually.
4. Will it’s the identical consumer id for all institutions underneath 1 employer?
No. Every institution may have separate consumer IDs.
5. Which PAN should be entered on the time of registration?
The PAN quantity issued within the title of the enterprise, by the Revenue Tax Division should be entered. Identify to be entered as per PAN.
6. Already registered. log in?
You’ll be able to log in to the portal with UAN and your password.
7. Accomplished sign-up. What’s the subsequent step?
Click on on ‘Registration for EPFO-ESIC’, and apply for brand spanking new registration.
8. Is DSC (Digital Signature certificates) required on the time registration?
It’s advisable to finish the DSC course of first, earlier than starting the registration process, as DSC is necessary for employer EPF registration.
9. Is EPF registration necessary for employer/institutions that are working in loss?
Sure. All eligible institutions should register with EPFO.
10. What small-scale industries/institutions should mandatorily contribute to EPF?
Brick, beedi, Jute and cottage industries should make 10% contribution to EPF.
11. What are the penalty costs for not registering with EPFO, for institutions/employers?
5% every year – 2 months delay
10% every year – 2 to 4 months delay
15% every year – 4 to six months delay
25% every year – greater than 6 months delay
12. As an employer, can I cut back the wage for paying staff’ PF?
No. In line with part 12 of Workers Provident Funds and Miscellaneous Provisions Act 1952, an employer can’t cut back wage for making PF deductions.
13. Is Revenue Tax relevant to EPF?
EPF is free from earnings tax provisions.
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