Provident fund is another name for pension fund. Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment.PF registration is mandatory for all the establishment having 20 or more employee. An establishment having less than 20 employees can voluntary register themself under the Act. The Employer is responsible for deducting PF from the Salary as per applicable rates and liable to deposit the same within due time to the government. Due date of deposit PF is 15th of every month.PF returns are filed on a monthly basis on 25th of each month. Apart from the monthly return, one final return is also filed every year. Registration once taken will continue the lifetime of the entity in spite of the fact that number of employees reduces from 20.
Employee can save a considerable amount of money through PF over the period of time.Employee get double saving one through his contribution and another by equal contribution by employer.
PF is widely accpeted as tax saving investments.PF Investment is liable for deduction under section 80C it reduces the taxability of employee.Right now an employee can invest upto 1.5 lakh each year in PF.further PF proceed at the retirement is tax free.In other Investment options Investment is tax free but returns on that investment is taxable.
Once an entity crosses the specified number of employees PF Registration is becomes mandatory.Once registered under PF registration can not be invoked when if subsequently the number of Employee reduces from 20.
PF is an option which serves as Important tool for retirement planning for employees.Accumulated PF proceed can be used under MIS scheme for getting a fix amount per month.
Employee prefer to work under the employer who have registration under PF. Providend fund registration Increase the credibility of concerned entity.PF registration give psychological advantage to employer who desire to hire and retain talents.
Arrange and provide Basic documents as per the list provided by us
Make the payment of Registration fees
An application is to be filed online
Get the PF Registration certificate
PF stands for provident fund .It is a pension fund which provides employee a lump sum amount at the time of retirement. This is saving which accumulate during the service period. Pension is contributed by employee and employer both.
EPF is covered under the Provident Fund and Miscellaneous Provision Act 1952. According to the Act Establishment covered under the following need to take mandatory EPF registration
Establishment having less than 20 Employee may apply for Voluntary registration under PF Act.
Registration in PF is completely online. Registration can be done at https://registration.shramsuvidha.gov.in/user/login Download the user manual for establishment registration and follow the steps given in the manual.
Employee contribution to PF fund is 12% while employer gross contribution comes to 13.61% of Basic and DA. Employer contribution includes Admin Charges.
PF Payments are due on 15th of Each month.PF return must be filed by the all entities by the 25th of each month. One Final return is required to be filed on 25th of April for the year ended on 31st march.
Registration under EPF cannot be cancelled until and unless entity wounded up and closed down.PF Commissioner may consider special cases where employer undertake that there is no employee left and in future no employee will be hired. After presentation of all documents to the satisfaction of commissioner cancellation may be granted.
Once registered under EPF, all the compliances need to be done necessarily in spite of the fact that the number of employee reduces from 20.
UAN stand for Universal Account number. It is employee Recognition Number under EPF. It is unique for every employee and remain the same throughout employment. Member ID may be changed on account of jobs under different employer but UAN will remain the same.
One can get his UAN number by using Member ID , name , Date of birth and mobile number on https://unifiedportal-mem.epfindia.gov.in/memberinterface/
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