- TDS Computation, Payment & Filing
- Professional Tax Computation
- GST Computation, Payment & Filing
- Bank Reconciliation
- Accounts Receivable Management
- Accounts Payable Mangement
- Monthly MIS Reports
The Employees’ Provident Fund Organization (EPFO) provides social security benefits to Employees of establishments on which the Employees’ Provident Fund and Miscellaneous Provisions Act 1952 applies. EPFO is one of the largest provident fund institutions in the world in terms of members and volume of financial transactions that it has been carrying on.
The Organization manages three Schemes under the EPF & MP Act 1952 which becomes applicable on an establishment under the following conditions:
- The establishment is located at any place in India except in the State of Jammu and Kashmir where the Act does not apply.
- The activity of the establishment is one of those notified by the Government. The establishment may be a Factory engaged in an Industry notified and mentioned in Schedule I of the Act or a class of establishment which are notified. The list of such activities may be seen at the epfindia.gov.in website.
- The establishment has engaged 20 or more employees except in following cases:
- Establishment which is a Cinema Theatre having 5 or more employees.
- Establishments that are Cooperative Societies registered under Cooperative Societies Act and working without aid of power having 50 or more employees.
- The Act applies for such establishments if they have 20 or more employees and are working with aid of power.
Once the Act becomes applicable on an establishment, they have to start the remittance of PF and allied dues with the Organization immediately within 15 days of such applicability. The act continues to apply on an establishment irrespective of the fall in the employment strength later.
To start the remittances, they need to apply for a code number, based on which only they can register on the Electronic Challan cum Return Portal of EPFO. The Challan is to be generated online through the portal only for any remittance to be made to EPFO.
The Act applies to such establishments who employ 20 or more employees at any point in time during the course of business.
The registration and contribution made by the employee and employer into EPF is a saving made by the employees.
The contributions are payable on maximum wage ceiling of Rs 15000/- by employee and employer. However, the employee can pay at a higher rate.
Digital Signature Certificate in the name of the Business owner is compulsory to proceed with the registration of the employer with EPFO.
Employer’s contribution to PF is a deductible expense under tax laws. Hence, the employer will get the deduction for the amount actually paid.
Employee’s contribution is totally deposited into the provident fund account whereas the employer’s contribution is contributed to provident fund, Pension scheme & Deposit Linked Insurance.
Fill the details required in the online application form and submit.
Save & Print PDF to submit to EPFO office once a PF Code number has been allotted.
The code allotment letter will have all the documents mentioned in the application printed on it and Form 5A and a blank specimen signature card. The code letter will be treated as incomplete without Form 5A
Download and send the code letter to the EPFO Office with copies of all the required documents and a copy of the completed application. Have all original documents handy for verification by the EPFO Authorities during post coverage inspection
To complete the KYC documentation and to complete the PF transfer claim, a Digital Signature (Class II or above) of the authorized person is required to be registered with EPFO department.
Obtain help of Professionals & Subject matter experts at CFO Affairs to understand the intricacies involved in the registration. We are more than happy to educate you and make your entity registration a hassle free process.
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