.gif)
.webp)
.svg)
Employee Provident Fund (EPF) is regulated by the Employee Provident Fund Organisation (EPFO). According to this organisation, only an employer can open an EPF account on behalf of its employees. No individual can open an EPF account at his/her will.
Eligibility criteria for EPF registration for employers
EPF registration is legally mandatory for every establishment if it meets the below-mentioned criteria:
- A factory involved in any industry having a minimum of 20 or more persons.
- Any establishment that is employing 20 or more individuals or class of such establishments which the Central Government may, by notification, specify in this behalf.
Documents required for EPF registration
Different establishments require different documents for registering to EPF:
- Sole proprietorship: Name of the applicant, PAN card, passport/driving license/voter ID, address proof for office premises and residence and phone number.
- Trust/society: PAN card, address and identity proof of the President and members and Memorandum of Association (MOA).
- Partnerships: Deed of partnership, address and ID proof of the partners and registration certification of firms.
- Limited Liability Partnership (LLP): Certificate of incorporation, a comprehensive list of partners or directors along with their ID and address proof.
Steps of EPF registration for employers
The employer has to follow the following steps for EPF registration: Step 1: EPFO registration of the organisation
Visit the EPFO website and register your organisation under a unified portal called ‘Establishment Registration’. Step 2: Download and read the user manual
After clicking on the ‘Establishment Registration’ button, you will find an ‘Instruction/User Manual’ option that you must download and read before proceeding. Step 3: DSC registration
The user manual elaborately explains the process of Employer Registration which is to be followed by a Digital Signature Certificate (DSC) of the particular employer. If the employer is already registered, they can login with their Universal Account Number (UAN) and password. Step 4: Tick the declaration and click ‘Register’ Step 5: Fill up the details of the employer
Fill the organisation’s name exactly as it is, else the application may get rejected by the Income Tax Department. Fill the mandatory fields marked with a red asterisk sign. Carefully, enter the PAN of the establishment. Once the PAN is verified, online registration is permitted. Step 6: Choose and write any of the usernames available. Step 7: Select a hint for your password. Type the captcha code and click on ‘Get Pin’. Step 8: You will get the PIN on your registered mobile number. Type the PIN and tick the declaration box. Step 9: Some websites send an email verification link on your registered email address. Click on the link to submit the online EPF registration application of the organisation. Financial Year 2019-20 In the financial year 2019-20, the interest rate is fixed at 8.65%. The EPF interest earned is tax-free. In fact, it enjoys the triple tax-exempt status (EEE) as contributions towards EPF are deductible from income.
DISCLAIMER
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.