Professional Tax

Professional Tax

WHAT IS EPF REGISTRATION

EPF (Employee Provident Fund) Registration is a process to give social benefits to employees. It is very best scheme for the employees which comes under Employees Provident Funds and Miscellaneous Provisions Act, 1952 which is regulated by the organization of Employees Provident Fund.

According to the act, if the strength of the company is more than 20 employees then it’s mandatory for the establishment to obtain EIN No. If the employee strength of the company less than 20 then the company can apply for EIN. Any company can get the EPF registration certificate within 30 days from the date of the employment of 20 employees.

Eligibility for Employees Provident Fund

  • At the time of joining of any employee, he or she is getting wages of Rs 15,000 is required to become a member.
  • In this act, Wages includes Basic plus Dear Allowances, Cash Value of food concession and retaining allowances. If any.

Documents Required for EPF Registration

  • Copy of PAN Card of any firm, company and trust.
  • Copy of Cancelled Cheque.
  • Partnership Deed.
  • Certificate of Registration.
  • Certificate of Incorporation.
  • Copy of the PAN Card of the Directors or Partners.
  • Copy of the Identity Proof like Aadhaar Card of the Directors.

Benefits of Provident Fund for the Employees

There are many of the advantages of Employees Provident Fund like;

  • Tax Benefits.
  • Lifelong Pension.
  • Insurance Benefit.
  • Premature Withdrawal Option.
  • Higher Returns.

Procedure of EPF Registration for Provident Fund

  • Registration with EPFO.
  • Read the User Manual.
  • DSC Registration.
  • Fill the employer’s details.

What is Employee State Insurance Corporation (ESI)

Employee State Insurance Corporation or ESIC is a self-financing social security and health insurance scheme which provides medical benefit, sickness benefit, maternity benefit, disablement benefit and various other benefits such as funeral expenses, free supply of physical aids etc. to the employees and their family. Units or Establishments that have 10 or more employees, drawing the wages of up to Rs.15,000 a month are required to be registered for ESIC under the ESI Act 1948. The benefits provided by the scheme are funded from the contributions raised from covered employees and their employers at the fixed percentage of wages. At present, covered employees contribute 1.75% of the wages to the ESIC and covered employers contribute 4.75% of the wages, payable to their employees. The state government also contribute 1/8th share cost of medical benefit.

All Establishments and Factories employing more than 10 employees are required to mandatorily apply for ESI registration within 15 days of the ESI Act, 1948 becoming applicable to them.

Reasons to Choose ESI Registration

There are many reasons to register for ESI like;

  • Give the facility of medical care to employees.
  • It includes employee’s dependents also.
  • Mandatory for units > 10 Employees.

Documents Required For ESI Registration

To be submitted by Employer:

  • Registration Certificate or License issued under Shops and Establishment Acts or Factories Act.
  • Address Proof: Latest Rent receipt of the premises you are occupying indicating the capacity in which the premises are occupied, if applicable.
  • Latest building Tax/Property Tax receipt (Photocopy).
  • Memorandum and Articles of Association/Partnership Deed/Trust Deed depending on the entity that is applying for registration.
  • Photocopy of certificate of Commencement of production and/or Registration No. of CST/ST (or GST once it becomes applicable).
  • Copy of PAN Card
  • Evidence in support of the date of commencement of production/business/first sale (e.g. Copy of First Invoice).
  • Month wise employment position, salary etc.
  • Copy of bank statement
  • Family Photo in Duplicate

Benefits of ESI Registration

Many of the advantages of this ESI are:

  • It provides complete medical benefits.
  • It includes dependents.
  • It can be used at different ESI dispensaries and hospitals.
  • Any payments made will be reimbursed.
  • It takes the needs of the disabled into account.

Steps involved in the process of ESI Registration

These are the mandatory steps in the registration of ESI like;

  • Getting ESI Registration.
  • Got Code Number.
  • For Employees.
  • Insurance Number.
  • Temporary Identity Card.
  • Permanent Photo Identity Card.

 

 

 

  • Professional fees :

  • 5999/-

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