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01 Provident Fund Registration
Provident Fund is a social savings scheme funded by employees and employers in India. Taxxinn helps in Provident Fund Registration at the lowest price.
- Service Cost: ₹999
- Estimated Time: 1-3 Days
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PROCESS
WORKING PROCESS
Here's How It Work
Provident Fund Registration is quick, simple, and would be possible online with Taxxinn in 3 plain sailing steps
Call to discuss
Our expert will connect with you & prepare documents.
02Get certificate
Get your PF Registration Certificate.
03Overview
EPF is one of the major platforms of saving funds in India for nearly all individuals working in Government, Private or Public companies. It is managed and regulated by Employees Provident Funds and Miscellaneous Provisions Act, 1952. Employees’ Provident Fund(EPF) is a government savings scheme with a motive of helping out the employees to save their small portion of their salary for future needs. Each organization has to provide its employees with an Employee Provident Fund(EPF) which is akin to the retirement fund.
Companies that have 20 or more employees are required to register with the Provident Fund (PF) department. The strength of 20 includes contract employees like housekeeping, security or other workers in the business. Even those companies which don’t have the strength of 20 employees but they want to provide provident fund advantages to their employees can also apply for voluntary registration with Regional Provident Fund Office. Registration must be done one month from the date of employing 20 workers.
Advantages of Provident Fund Registration
Risk coverage
As this is a globally recognized mark, it would ultimately help your business to expand and even establish your business overseas.
Uniform account
One of the most significant aspects of the Provident Fund accounts that it’s steady and transferable. It tends to be carried forward to some other work environment. The Provident Fund account can be transferred while switching jobs. There is no need to close to the Provident Fund account while switching jobs rather you can carry forward the account to a new job.
Linked with Insurance Scheme
This scheme is applicable to all the PF account holders. As per the scheme, 0.5% of the employee’s salary is deducted for the life insurance premium.
Long-term needs
There are some long-term objectives, for example, Marriage or education requires a huge amount of funds. The provident fund often helps in such events. This amount can be claimed immediately online.
Covers pension
Apart from the employee’s 12% commitment towards EPF, an equivalent sum is contributed by the employer business, which includes 8.33% towards Employee Pension Scheme (EPS). Therefore, EPF saves you a robust pension.
Balance check
The employees are provided with a UAN number which helps them to check their provident fund balance instantly. The EPF portal provides a lot more information related to the UAN account like PF balance and previous contribution details and previous withdrawal and so on.
Eligibility for Provident Fund Registration
Below are the following criteria of eligibility:
- A manufacturing unit with 20 or more employee strength.
- A firm with 20 or more individuals strength. In this case, the central government defines the class of such firms
- A firm with less than 20 worker strength has to intimate to the Employees’ Provident Fund
- Organization with a notice priorly within 2 months or less than that.
- Employee, whose basic salary is more than Rs. 15,000 per month, at the point of joining, are eligible for EPF.
- Every employee is eligible for a provident fund. But the above are the criteria which make it compulsory.
Provident Fund Registration Process
PF registration procedure is easy but a professional would be needed to complete the same. TaxxInn is experienced in PF registration with an experience of registering more than 5000 registration throughout India.
Our TaxxInn experts will reach you out, explain the process step by step and help you out with your queries.
Experts will let you know about the documents required. You can Email us the scanned copy of the documents.
The next step is to prepare the application with all the details required.
We need to file the PF application with authorities with all the supporting documents.
Once all the queries raised by the authorities are answered we have to do a regular follow up with the government department for the approval.
After several follow ups with the government department the approval will be provided. Once the approval is provided a digital copy of PF registration will be sent through email.
Documents required for Provident Fund(PF) registration
The set of documents depends on the type of organization. Below are the documents required with respect to the type of organization.
For Company and LLP
- Name of the Company or LLP.
- Incorporation Certificate of the Company or LLP
- Partnership deed in case of LLP
- Id proof of Partners/Directors – Pan card/Passport /Election Card/ Driving license in case of Partnership Firm or LLP
- Address proof of Partners/Directors with the telephone number of each partner/director
For Proprietorships
- Name of the applicant
- Pan card of proprietor
- Id Proof of the proprietor
- Address proof of proprietor
- Address proof of the office
- Details of the applicant with the address proof and mobile number
- Common set of documents required for any entity
- First sales bill for goods or services.
- First purchase bill of the raw material or assets.
- GST registration certificate
- Bankers details like Name of the banker, address proof of the bank
- Monthly record of the employee
- Date of joining of the employees with there details
- Salary and PF statement
- Canceled cheque
FAQs on Provident Fund Registration
Provident Fund(PF) is a government savings scheme with a motive of helping out the employees to save their small portion of their salary for future needs.
12% of the salary. This contribution includes both side i.e employee and employer
The rate of interest depends on the government’s decision. At present, the rate of interest is 8.55%.
A UAN number is like an account number of Employees Provident Fund which helps you to withdraw the funds and check other details like date of contribution and balance
You can apply online through the Employees Provident Fund portal
There will be penalties levied by the government for the nonpayment of PF contribution.
The PF receiver will not be able to access the Employer Portal of EPFO and check his PF status unless he has done PF registration.
No, an individual need not be present physically for PF registration. It is purely done through online.