Business Care India

PF Registration Registrations

PF Registration

PF Registration

PF Registration: The Government Mandates For Provident Fund (EPF)

The government has mandated the PF Registration for all the organizations that have exceeded 20 employees presently working. This is considered beneficial for the people looking forward to savings for their future as the rate of interest on PF deposit is good, and the money is extremely safe. One more benefit employee pf registration is that the government has speed-up the withdrawal process. 

For ease of the companies, the pf registration online has been started from the past few years. Earlier, the seeker has to go to the PF office and stand in cues physically to get their company register to obtain PF benefits for their employees. Both the employees and employers also get tax advantages out of PF deductions by employee monthly wages and PF contribution by the employer. The tax benefits, employee and employer saving, attractive ROI, and money security are the main attractions for an employer to register in the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.

PF Registration Process: When To Apply?

Pf registration process must be followed within one month of attaining the strength, and if the employer is failed to do so, it will come under compliance issue. After digging under the burden of compliances, the massive penalties can be implemented, which can be bothering. Suppose the companies delay the pf registration procedure. In that case, the inspector comes for an Audit and asks for details to gets the complete information of the employees working there in the past and present. Where the employer and mainstream of employees have agreed that this perform's requirements should be made applicable to the organization, they may themselves apply to the Central PF Commissioner. The Central PF Commissioner might be relevant to the provisions of this Act to that establishment after ephemeral the notification in the Official Gazette from the date of such agreement or any successive date specified in the conformity.

Few organizations with less than 20 employees would also seek to get hold of PF registration, but voluntary registration. All the employees will be eligible for a PF from the origination of their employment, and the responsibility of deduction & payment of PF lies with the employer. The PF contribution of 12% should be divided uniformly between the employer and employee. The employer's contribution is 12% of the basic salary. If the organization has employed less than 20 employees, the PF deduction rate will be 10%.

Documents Required For Pf Registration

The catalog of documents required for EPF registration is given underneath:

  • Name of the company

  • Date of the commencement of the establishment

  • Scanned copy of the company’s PAN

  • Scanned copy of the licenses available in the name of the company

  • GST Registration Certificate

  • Scanned copy of the cheque of the company's bank account

  • Address of the company with address proof

  • List of Directors / Partners

  • Residence proof of Proprietor / Director / Partner of the company

  • The contact information like Contact Number and Email address of the Proprietor / Director / Partner of the company

  • The strength of employees from the date of setting up every month

  • The existing list of employees with their particulars: Name, Father's Name, Date of joining, Date of birth, Mobile number, Postal address, Name of nominee, Grade, Salary, Designation, ID proof

  • Company’s Bank A/c number with IFSC code

  • Digital Signature of the Proprietor / Director / Partner

  • Photo Copy of First sale invoice / Job work invoice and First purchase Invoice.

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