WHAT IS PF AND HOW IT IS BENEFICIAL FOR EMPLOYEE

WHAT IS PF AND HOW IT IS BENEFICIAL FOR EMPLOYEE

WHAT IS PF AND HOW IT IS BENEFICIAL FOR EMPLOYEE

 

WHAT IS PF

 

A Provident Fund is like a saving scheme or Investment Scheme where a fixed percentage is contributed by the Employee each month towards their provident fund account from their salary as well as by the Employer. This accumulated amount can be accessed as a lump sum amount, at the end of their employment or at retirement. 

 

WHAT ARE THE TYPE OF PROVIDENT FUND

 

  1. Provident Fund- this type of Provident Fund is Maintained by Government Bodies

  2. Recognized provident fund- This type of PF is used by all Privatized organizations that contain 20 or more employees. Amount accumulated in it can be transferred to another PF account of the same employee when Employee leaves or changes the organization.

  3. Public Provident Fund- PPF is a voluntary Investment, Which has a maturity period of 15 Years, only after the expiry of this period amount can be withdrawn.

 

WHAT ARE THE BENEFIT OF PF REGISTRATION TO THE EMPLOYER AND EMPLOYEE 

 

  1. Employer contribution on behalf of the employee towards the EPF account is tax-Free.

  2. A Pf registered Establishment increases the Employee benefit in the organization.

  3. It will Increase the Stability of the Employee in the organization

  4. Amount in the EPF account is easily transferable 

  5. The accumulated amount plus Interest on it on retirement, death, or resignation.

  6. Employees Contribution to EPC account is deductible under Sec 80 c from the Taxable Income of the Employee

  7. The amount Contributed and Interest earned can be withdrawn after a specified period. 

 

WHO ARE REQUIRED MANDATORY REGISTRATION UNDER PF

 

  1. For every factory engaged in an industry employing 20 or more employees

  2. For every other establishment having 20 or more employees during the previous year.

  3. For every employee who is getting less than INR 21000/- per month.

 

HOW TO REGISTER UNDER PF

 

At TheLegalBank, our expert will help you with the registration process of the PF registration and regular compliance filing of the same after registration.

Step -1 

Sign up to SHRAM SUVIDHA PORTAL

Step -2 

Provide the mail id and contact number for the respective organization.

Step -3

A link will be sent on the Given Mail id, you can reset the user name and password by following that link

Step -4 

Now you need to fill the various required details i.e. 

  • Organization details

  • Owner details

  • Proposed Employers details

  • Identifiers details

  • Attachments

Step-5 

After filing the correct details you can submit the form

WHAT ARE THE DOCUMENT REQUIRED FOR REGISTRATION

Proprietorship Firms

Society/Trust

Partnership Firms

LLP / Company

Employees

Applicant’s Name.

Certificate of incorporation

Certificate of Registration Firms

Incorporation Certificate

Name

Father’s Name

Date of joining

PAN Card.

MOA and Bye-Laws

Partnership deed

ID proof of Directors

Date of birth

Mobile number

Postal address

Id proof – Driving license/Passport/Voter Card.

Pan card number

Id proof of partners – Driving license/Passport/Voter Card

DSC of Director

Name of nominee

Grade

Salary

Address proof for the premises.

President & members

Address

ID Proof

 

List of all partners with

Address

ID Proof

List of all directors with

Address

ID Proof

Designation

ID proof (Aadhaar Card/ PAN Card)

Bank A/c number with IFSC code

residential address proof

Telephone number

   

MOA, AOA

Voluntary application

employee details

Signature

date of agreement

 

Our team aims to provide the best legal consultancy services for all types of PF, ESI registration, and regular filing of return. We maintain high ethical standards and work towards delivering every service within the promised time frame. We recommend you to give us a call at 9116996103 or drop an email at caprakash69sharma@gmail.com for the first free consultation. Our experts are available to serve you.

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