EPF Registration ​

Overview of EPF Registration

The Employees' Provident Fund (EPF) is a social security scheme designed to provide financial stability to employees post-retirement. The EPF Act mandates that organizations with 20 or more employees register under the scheme.

Our Services Include:

• EPF Registration: We assist in the seamless registration of your organization under the EPF Act, ensuring all required employee and employer information is accurately captured.

• Monthly Compliance: We manage the monthly contributions to the EPF, prepare and submit necessary forms such as Form 5 (new joinees) and Form 10 (exit cases), and ensure timely remittance.

• Annual Returns: Our team prepares and files the annual EPF returns, helping you avoid any penalties or legal complications.

Legal Framework

• Under the EPF Act, the employer contributes 12% of the basic wages, dearness allowance, and retaining allowance to the EPF. We ensure full compliance with Section 6 of the Act, which outlines the contribution requirements.

EPF Return Filing Due Date

• Monthly Return Form Name: The EPF monthly return is filed in the Electronic Challan cum Return (ECR) form.

  • Due Date: The ECR must be filed by the 15th of the following month, aligning with the payment date.

• Annual Return Form Names:

  • Form 3A: Individual employee contribution details.

  • Form 6A: Consolidated annual contribution statement.

  • Due Date: The annual return must be filed on or before the 30th of April for the preceding financial year.

• Filing Website: Returns are filed online through the EPFO portal: EPFO Unified Portal.

Required Documents to register Private Limited Company in India

• PAN Card of Proposed Directors and Shareholder
• Identity proof (Either Passport, Aadhar card, Driving License or Voter ID) of Proposed Directors and Shareholder
• Colored Passport size photo of Proposed Directors and Shareholder
• Residential Proof (Either Electricity Bill, Telephone Bill or bank passbook) of Proposed Directors and Shareholder
• Proof of registered office (Either Rent/Lease agreement or NOC from owner along with electricity bill) of proposed company

Key Benefits of Provident Fund

• Retirement Savings:

  • Long-Term Savings: The EPF scheme is designed to provide long-term savings that can be used after retirement. Employees contribute a portion of their salary each month to the EPF, and an equal contribution is made by the employer. This accumulated fund acts as a financial cushion for employees after their working years.

• Employer Contributions:

  • Equal Contributions: The EPF scheme mandates that employers contribute an amount equal to the employee's contribution to the fund. This effectively doubles the savings of the employee, providing a substantial retirement corpus.

• Tax Benefits:

  • Exempt-Exempt-Exempt (EEE) Status: The contributions made to the EPF, the interest earned, and the amount withdrawn are all exempt from tax under the Income Tax Act, making it a highly tax-efficient savings option for employees.

• Withdrawal Benefits:

  • Partial Withdrawals: The EPF scheme allows for partial withdrawals in specific situations, such as medical emergencies, higher education, marriage, or purchasing a home. This flexibility ensures...

  • Full Withdrawal: Employees can withdraw the full EPF amount upon retirement, reaching the age of 58, or in case of unemployment for a continuous period of two months.

• Pension Benefits (EPS):

  • Employee Pension Scheme (EPS): A portion of the employer’s contribution goes towards the Employee Pension Scheme, which provides a pension to employees after retirement. The pension amount is based on the employee’s salary and the number of years of service, ensuring a steady income during retirement.

• Insurance Benefits (EDLI):

  • Employees' Deposit Linked Insurance Scheme (EDLI): Under the EPF scheme, employees are also covered by the EDLI, which provides a lump sum payment to the nominee in case of the employee's death during the service period. This insurance benefit offers financial protection to the employee’s family.

• Portability:

  • Universal Account Number (UAN): The EPF scheme is portable, allowing employees to transfer their EPF account when they change jobs. The Universal Account Number (UAN) system simplifies the transfer process, ensuring that employees can continue to accumulate their EPF benefits without interruption.

Consequences of Not Taking EPF Registration

• Penalties and Fines: Section 14B of the Employees' Provident Fund and Miscellaneous Provisions Act, 1952, imposes damages ranging from 5% to 100% of the unpaid contributions for failure to register, with interest on delayed payments under Section 7Q.
• Legal Consequences: Non-compliance under Section 14 can result in imprisonment up to one year and fines. The EPFO is empowered under Section 8B to 8G to recover dues by attaching the employer’s bank accounts or property.
• Disqualification from Government Contracts: Non-compliance may lead to disqualification from government contracts as many tenders require EPF compliance under the provisions of Section 16.
• Loss of Goodwill: Failure to provide EPF benefits as mandated under Section 6 leads to employee dissatisfaction and damages the company’s reputation.
• Retrospective Compliance: Under Section 7A, employers may be required to pay backdated contributions, creating significant financial liabilities, including penalties and interest.

Why Choose E Accountax Manager for EPF Registration and Compliance?

• Expertise in EPF Regulations: E Accountax Manager has a deep understanding of the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952, ensuring that your business is fully compliant with all statutory requirements.
• Seamless Registration Process: When you apply for EPF regitration, we handle the entire registration process, ensuring that all necessary documentation is accurately completed and submitted without delays.
• Comprehensive Compliance Management: Our team manages all aspects of EPF compliance, including timely payment of contributions, accurate filing of returns, and handling of employee queries related to EPF.
• Proactive Risk Management: We conduct regular audits to identify potential compliance issues before they become serious problems, helping you avoid penalties and legal complications.
• Personalized Support: We offer customized solutions tailored to your business needs, providing continuous support and guidance to ensure your EPF obligations are met efficiently.
• Retrospective Compliance: Under Section 7A, employers may be required to pay backdated contributions, creating significant financial liabilities, including penalties and interest.