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Employee Provident Fund

The Employee's Provident Fund (EPF) is retirement benefit scheme that allow employee or employer to save and invest the money for an employee future. Both employer and employee can contribute to EPF on a monthly basis. Amount in PF is maintained by the Employee's Provident Fund Organization of India (EPFO).

Applicability of Employee Provident Fund

  • Provident fund registration is required when an establishment has 20 or more employees. Employer must obtain the EPF registration within one month of attaining the strength, failing which penalty would be applicable.
  • A registered entity under provident fund will continue to fall under this Act even if employee strength falls below exemption limit.
Details/Documents required for Employee Provident Fund Registration
  • Certificate of incorporation in case of Company, Partnership deep in case of Partnership firm,
  • Factory license details if having
  • MSME registration details if having
  • Establishment registered under Startup India if Startup India registration has been provided.
  • PAN Card
  • Cancelled Cheque
  • Address proof
  • If registration for provident fund is taken voluntarily, then consent of majority of employee will also be required
Process for Provident Fund Registration
1

Filing of Form

Our team of professional would help to file the form for provident fund registration with all required documentation. The same will be filed with help Digital Signature of Manager.

2

PAN Verification

Once the form is filed, need to do PAN verification.

3

Generation of EPFO Number

EPFO number will be generated and sent to registered mobile number of Manager and that number will be only EPFO number.

4

Add the member of Provident fund

Details of employee are added basis Aadhaar card and date of joining etc. Our team would help to add the member of provident fund basis the documents and details of employee provided by clients.

Things To Know

No, its not permissible, it will be contributed by employer only.

PF is not mandatory for those who have a salary of more than INR 15,000.

Yes, Employer and employee can contribute for higher amount but both employer and employee should agree for the same.

Yes, because provident fund contribution by the employer & employee is not a taxable income for Income Tax purpose.

Employee can claim a deduction upto 1.5 Lakh per annum on the amount contributed toward EPF Scheme.

As per Rule 8 of Fourth Schedule of Income Tax Act, the Accumulated balance becoming payable to employee shall not be considered as Income of the employee.
  • if he has rendered continuous service with his employer for a period of five years or more, or
  • if, though he has not rendered such continuous service, the service has been terminated by reason of the employee's ill-health, or by the contraction or discontinuance of the employer's business or other cause beyond the control of the employee, or
  • if, on the cessation of his employment, the employee obtains employment with any other employer, to the extent the accumulated balance due and becoming payable to him is transferred to his individual account in any recognised provident fund maintained by such other employer;

As per section 10(11) of Income Tax Act, the income by way of interest accrued during the previous year on provident fund in the account of a person to the extent it relates to the amount or the aggregate of amounts of contribution made by that person exceeding two lakh and fifty thousand rupees in any previous year in that fund, on or after the 1st day of April, 2021.
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