PROVIDENT FUND REGISTRATION
Provident Fund (PF) is one of the main platforms of savings in India for nearly all people working in Government, Private or Public sector organizations. It is implemented by the Employees Provident Fund Organization (EPFO) of India. Registration has to be done within One month from the date of hiring 20 employees. PF is the best way to provide social security to the employees.
Provident Fund PF is largely an employee benefit scheme prescribed by the Government which provides facilities to the employees of an organization about medical assistance, retirement, education of children, insurance support and housing. It is created with the purpose to provide financial security and stability to employees.
Contribution towards EPF
- Contribution to EPF is to be done by both Employer and Employee.
- Employer deducts his/her employees’ share of EPF from his/her salary.
- Employer needs to deposit the amount of his/her contribution of EPF along with employees deducted share.
- The Employer’s contribution to EPF would be 10% and that of employee’s would be 10% (As per reduced rate).
Why is it necessary to contribute in EPF?
- The PF contribution by an employer will be tax-free.
- The amount including the amount interest will be exempted from tax on withdrawal after a specific period.
- Organizations can also enroll themselves voluntarily under PF laws.
For Proprietorships
- Name of the applicant
- Pan card of proprietor
- Id proof of the proprietor like Driving license/Passport/Election Card
- Address proof of proprietor
- Address proof for the premises
- Complete details of the applicant with their residential address and telephone number
For Partnership Firms / LLP / Company
- Name of the partnership firm or LLP or Company
- Certificate of Registration Firms in case of Partnership firm. Incorporation Certificate in case of LLP or Company.
- Partnership deed in case of partnership firms or LLP
- Id proof of Partners –Pan card /Election Card / Passport/Driving license in case of Partnership Firm or LLP.ID proof of Directors in case of company
- List of all partners with telephone number and address proof of all partners in case of Partnership Firm or LLP. List of all Directors with contact details in case of Company
Society/Trust
- In case of Society, Trust etc, Registration of the organization needs to be done with concerned authority
- Certificate of incorporation of society/trust
- Moa and Bye Laws of society and trust
- Id proof of president and all members of society
- Complete details of president and all members with their complete address and telephone number
- Pan card of society/trust
Common Documents Required for All Entities
- First sale bill
- First purchase bill of raw material and machinery
- GST Registration Certificate, if registered under GST
- Name of the bankers, address of the bank
- Record of a monthly strength of the number of employees
- Register of salary and wages, all vouchers, all balance sheets from day one to current date of provisional coverage
- Date of joining of employees, fathers name and date of birth
- Salary and PF Statement
- Cross cancelled cheque
