Provident Fund [PF]
Employees Provident Fund [EPF] is a scheme under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. It is regulated under the purview of Employees’ Provident Fund Organisation (EPFO) which is one of the World’s largest Social Security Organizations in terms of clientele and the volume of financial transactions undertaken. Basically, EPF is normally like a benefit to an employee during the retirement provided by the organization.
The EPF scheme is handled by the Employees’ Provident Fund Organisation. Various benefits of the scheme can be availed by employees during the time of employment or after their retirement. The EPFO introduced the Universal Account Number (UAN) that is allotted to all the members of the scheme. With the introduction of the UAN, various details such as PF Withdrawl, PF balance, transferring of PF from one account to another as well as updating ‘Know Your Customer’ details have become very simple.
EPF Registration Procedure
For EPF Registration procedure, an employer can choose to register either offline or online, with the online option being the preferred mode for registration today. The registration form can be downloaded from the website of the Employees’ Provident Fund Organization (EPFO). Employers need to provide the following details to successfully register themselves.
- Name and address of company
- Head office and branch details
- Mention date of incorporation/registration of company
- Fill up details of employees – total employee strength
- Activity the business/enterprise is involved in – i.e. manufacturing, production, service, etc.
- Legal details – This pertains to legal status of a company, i.e. whether it is a private firm/public company, partnership or society, etc.
- Owner details, including designation and address of Directors and partners
- Particulars related to wage component of employees, i.e. total wage disbursed during a month
- Details of bank with whom company has banking relationship
- PAN details
- Basic details of employee (name, date of joining, salary, etc.)
A form titled “Proforma for Coverage” needs to be filled with the details mentioned above to finish the registration process. In addition to this Proforma for Coverage, employers are expected to submit Form 5A with Annexure 1 to complete the formalities.
Documents Required for EPF Registration Online
Employers are expected to furnish certain documents as proof in order to successfully register EPF. A list of below documents are required for online EPF Registration
- Copy of partnership deed if the company is a registered partnership firm
- A copy of the Certificate of incorporation for a Public or Private Limited Company. This should be issued by the Registrar of Companies
- Societies should furnish a copy of their registration certificate
- Public and Private Limited Companies need to submit a copy of memorandum and Articles of Association
- Societies should furnish a copy of the rules and objects of the society
- All legal documents which might be required under the Income Tax Act
- PAN details of company
- Partition deed
- Proof of incorporation – first sales invoice/ license issued by competent authorities
- Salary details of employees
- Balance sheet details
- PF statement and salary
- Number of employees that have worked for the organisation for the month
- In case the organisation has registered for GST, the certificate must be submitted
- First sale bill
- Cross cancelled cheque
- Bank details such as name, branch, IFSC code, and address of the bank
- Machinery and raw material purchased for the first time
- First Name: The first name, middle name and last name should be entered exactly as furnished to the Income Tax Department. Any variance in the name of the Income Tax Department will lead to rejection as and when data is verified online.
- Employer PAN: After entering the employer’s PAN, a message will appear that shows employer is not registered previously. PAN will also be verified like name and an online application will be permitted.
- User Name: One can select the username of its choice. The system will automatically show whether the same username is available or not.
- Hint Question/ Answer: One can select the hint question and hint answer of its choice which will be helpful to the person in case one forgets the password. After filling up this, the registration process gets completely and you need to fill the CAPTCHA Code (Characters are shown in the image) then click on GET PIN button.
- Activate E-mail link: An e-mail link will be sent to the given e-mail id which is to be activated to enable the submission of an application for online registration of Establishment.