Provident Fund
Provident Fund which is also known as PF. Provident Fund is very well known and accepted platform for savings in all over India. People working in various organizations and different sectors such Government, Private and public get them register under EPF. EPF which is called as Employees Provident Fund, it comes under Employee’s Provident Fund and Miscellaneous Provisions Act, 1952. Within the one month of hiring the 20 employees company need to do EPF registration. This is contributed both by employer and employee, it is tax free. EPF amount as well as interest amount is exempted under Income tax.
Employees State Insurance Corporation denoted as ESIC, after independence of India, the Central Government brought into force the popular social security which is the employee’s state insurance. If private companies fail to register themselves under the ESIC Act, 1948, then they are liable to face difficulties in future. For Indian workers, ESIC is a self-financing social security scheme and health insurance plans. It offers medical and disablement benefits to them.
It is an autonomous body created by the law under the Ministry of Labor and Employment, Government of India. This scheme is for Indian workers. A huge variety of medical, monetary and other benefits are provided to the workers from their employers.
Benefits of Both:
- EPF is Tax-free, interest is also exempted
- Provides Financial security as it is long term investment
- Sickness benefit at the rate of 70% which lasts up to 91 days
- Medical benefits to employee and his/her family members
- Maternity benefit
- 90% of salary given to the employee’s dependents every month, after the death of the employee while at work and disability of the employee while at work
- Funeral expenses
- Old age care medical expenses
Required Documents
- Copy of Pan Card (Firm/ Company/LLP)
- Pan Card (Proprietor / Partner / Director)
- Passport Size Photo -1 (Proprietor / Partner / Director)
- Shop Act/ Gram Panchayat Noc
- Latest Month Electricity Bill of (Firm/ Company/LLP)
- Copy of power connection in the name of the Establishment PF
- Cancel Cheque (Cheque must be Name printed)
- Aadhar Card / Voter ID / Driving License / Passport
- Digital signature compulsory required
What You Get
- PF Registration Certificate
- (less than 25 employees)
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Steps for ESIC Registration
Provide Basic Information
Submit scanned copy of Documents
Application is prepared
Application is Submitted
Registration is Done
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Frequently Ask Question
YES u Can
Returns are filed every month, for more details kindly contact us.
Attendance register of employees, Form 6-Register, Register of wages, Register of any accidents/mishaps which have happened on the premises of the business, Monthly returns and challans
In EPF contribution is done by both Employer and Employee, at the rate of 12% of basic salary (+dearness allowance) by both.
In EPF after the contribution of employer and employee the 8.33% goes into the Pension scheme and 3.67% is contributed to EPF.
PF has direct connection with EPS, from the contributed amount of EPF 8.33% goes into EPS.
Yes, EPF provide tax benefit to employer as well as employee. It is exempt from Tax under Income Tax.
Yes, there are certain provisions; they can be suggested after knowing business, kindly contact us for same.
Code No. is a 17 digit unique identification no., allotted to establishments/factories registered under the ESIC Act.
- The records maintained by employer are:
- Books of Accounts
- Record of Wages
- Muster
- An Inspection book
- Accident register (in new FORM11)
Contribution shall be paid in respect of an employee in a bank duly authorized by the Corporation within 15 days of the last day of the calendar month in which the contribution falls due for any wage period (Reg. 29 & 31).
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