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CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration. CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration, CBIC chief Vivek Johri said.

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Notification's

pf-registration

The Provident Fund is a savings scheme designed to provide financial security and stability to employees after retirement. It is managed by the Employees’ Provident Fund Organization (EPFO), which is a statutory body under the Ministry of Labor and Employment, Government of India.

Eligibility

The PF registration process is mandatory for employers who have more than 20 employees. However, if an organization has less than 20 employees, it can voluntarily register itself with the EPFO.

Documents Required

The following documents are required for registering for PF:

  1. PAN card of the employer
  2. Certificate of incorporation of the company
  3. Proof of address of the employer
  4. Bank account details of the employer
  5. Details of employees, such as name, date of birth, salary, etc.
 PF Code Number

After the registration process is complete, the EPFO will issue a unique PF code number to the employer. This number will be used for all PF-related transactions, such as making contributions, withdrawals, etc.

Contribution

The employer has to contribute a minimum of 12% of the employee’s basic salary and dearness allowance to the PF account. The employer must also pay an administrative charge of 0.5% of the employee’s salary and a provident fund (PF) administrative charge of 0.01%. The employee also has to contribute an equal amount to the account. The contributions have to be made every month before the 15th of the following month.

Returns/Compliances & Maintenance of Records

The employer must file monthly and annual returns with the EPFO. The monthly returns must be filed by the 15th of each month, and the annual return must be filed by the 30th of April each year. The employer has to maintain records of all PF-related transactions, such as contributions made, withdrawals, etc. These records have to be maintained for a minimum of 7 years from the date of the transaction. The employer must ensure that it complies with all the rules and regulations of the PF scheme. Non-compliance can result in penalties, fines, and legal action.

Benefits of PF

The PF account is a long-term savings scheme that provides financial security and stability to employees after retirement. The account earns an annual interest rate of 8.5%, which is higher than most other savings schemes. The employee can withdraw the entire amount accumulated in the account after retirement or in case of financial emergencies.

Conclusion

Registering for PF in India is a mandatory process for all employers with 20 or more employees. The process involves submitting the required documents, creating an account on the EPFO website, and making regular contributions to the PF account. The PF account provides financial security and stability to employees after retirement and earns an annual interest rate of 8.5%.

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