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PF REGISTRATION AND RETURNS FILING

ONLINE PF REGISTRATION & PF RETURNS FILING PROCEDURE IN INDIA

OVERVIEW

Indian Government will pay the employer and employee contribution to employees EPF account for an additional 3 months’ from June to August 2020. This benefit is for companies who has up to 100 employees and where 90% of those employees take a salary minimum Rs. 15,000 per month. The contribution to EPF is now reduced to 10% from 12% for non-government entities.

Employees Provident Fund is one of the largest social security systems in terms of business and the bulk of financial savings undertaken. Mainly, EPF is like an advantage to only an employee during the course of retirement provided by the companies.

Each employer who has PF registration will be responsible to file monthly returns. Filing of returns shall be completed by the 25th of every month. 

APPLICABILITY OF EPF REGISTRATION FOR EMPLOYERS

EPF registration is obligatory for all companies

  • Having a factory involved in any industry who have 20 or more persons, and
  • To any other entities hiring 20 or more persons or class of such entities which the Central Government may, by notification specify. The employer must take the registration within 1 month of attaining the strength, if fails penalties will be taken.

EPF REGISTRATION PROCEDURE

The employer shall register the establishment online. Having ease of online registration the employer can register the company by providing the below details:

Organization details:

  • Name of the organization
  • Address
  • Date of incorporation
  • PAN number
  • Type of company

If the organization is a factory, then the below details shall have to be provided:

  • Factory License Number
  • License Date
  • Place of issue

E-Contacts: Employer must provide authorised person email id and mobile number.

Contact Person: Employers must provide manager contact details i.e.

  • Name
  • Date of Birth
  • Gender(Male/ Female)
  • Contact details

Identifiers: The identifiers are the license information that the employer needs to provide.

Employment details:

  • Employee strength
  • Gender (Male/ Female)
  • Type of activities
  • Wages above limit
  • Total wages

Division: Branch details such as name or premise number and address.

Activities: The employer needs to choice the business type and the activities included from lists available.

Steps for EPF Registration for Employers

The employee needs to follow the below steps:

Step 1: Register the entity with EPFO

Go to website and register the entity with EPFO having an option called “ESTABLISHMENT REGISTRATION” in home page.

Step 2: Read the User Manual

Click on “Establishment Registration” and next page will get open for “Instruction Manual”. A new user must download and read it completely before the registration.

Step 3: Register DSC

The earlier registered employers can login with their permits i.e., with Universal Account Number and password. Getting DSC registered is a prior thing to submit a new application for EPF registration.

Step 4: Fill the Employer’s Details

Click on “I have read the instruction manual”. Click on “REGISTER BUTTON”. Then, new page will open where all employers’ details need to be filled in. The field’s shows with the red star is compulsory to be filled.

Step 5: Fill the details correctly

  • First Name: The first, middle and last name should be entered same as filed to the Income Tax records. Any name alteration of the Income Tax Department will refuse the application when data is verified online.
  • PAN: Employer’s PAN once entered has also to be verified by name and online application will be allowed.
  • User Name: One can pick the username of his/her choice. System will spontaneously show whether the entered username can be available or not available.
  • Hint Question/ Answer: One can select the hint question and answer of their choice which will be helpful to the person in case if they forget the password. After filling up, the registration process gets complete and you need to fill the CAPTCHA Code, and then click on GET PIN button.
  • Mobile PIN: Person will get the Pin number on the same registered mobile number and thereafter click on “I agree to the above declaration”.
  • Activate Email link: A link will be sent to the provided e-mail id which is to be initiated to allow the submission of an application for establishment online registration.

HOW TO FILE PF RETURNS?

  1. Before starting PF returns, we will remind our clients before the due date.
  2. Then afterwards, we prepare the documents, submit and verify the same.
  3. Preparation of PF return is to be processed successfully.
  4. At last, PF return is to be filed and acknowledgement is to be generated.

Annual returns have to be filed by 30th of April in a particular year. The forms used for filing PF returns are:

Form 3A-month wise donations made by the subscriber or member, It include the below details:

  • Account number
  • Subscriber name
  • Name of the father or husband
  • Name and address of the factory or entity
  • Statutory rate of contribution
  • Voluntary contribution rate, optional

Note: The form must include employer signature and seal.

Form 6A-annual donations statement that include details about the annual donations of each member of the entity. It include the below details:

  • Account Number
  • Name of the member or subscriber
  • Wages, Retaining allowance (optional) and D.A. including cash value of food allowance paid
  • Amount of workers’ input deducted from the wages
  • Employers contribution
  • Refund of advances
  • Rate of higher voluntary contribution (optional)
  • Remarks

DOCUMENTS

  • Certificate of Incorporation
  • DSC of Director
  • Directors list with Address and ID Proof
  • MOA, AOA i.e. Legal Documents 

CONCLUSION

EPF interest rate stands at 8.55%. In terms of returns from a debt instrument, EPF certainly stands high. The money is financing loan and the interest produced is tax-free. There is hardly any obligation product that gives such high return with safety and guarantee. Therefore, it is better to transfer the PF account at the time of leaving jobs and avoid the offer to withdraw the amount.

Email Id Swati@neusourcestartup.com and Phone Number 9540026175.

The NeuSource Startup Mind is the finest business startup consultant that offers various services of registration like Proprietorship Firm Registration, Partnership Firm Registration, LLP Registration, Company registration, GST Registration, Copyright Registration, ISO Registration Trademark registration and other FSSAI License etc.

11 Aug

Ayushi Agrawal
CS Ayushi Agrawal

All in Startup: Launching a New Idea When Everything is on the line!! But doing something that isn’t done before takes the world from zero to one. NEUSOURCE takes an progressive approach to building startups. THINK OUTSIDE THE INBOX!!