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What Is a Provident Fund?
The Employees Provident Fund (EPF) is a Government scheme governed by the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952. The said scheme is regulated under the authority of the Employees’ Provident Fund Organization (EPFO). A Provident Fund registration is applicable for all such establishments that employs 20 or more people for hire on salary or wages. It is an important aspect of the Labour Laws and protects the employees to provide them a reserve of funds once they retire or leave their establishment. PF registration can also be signed up for by establishments that have less than 20 employees voluntarily.
Important Considerations Pertaining to Provident Fund:
PF Returns
PF returns must be filed by all organizations that have a PF registration monthly. PF returns are due on the 25th of every month. Additionally, the final PF return is due to be filed on the 25th of April for the year ended on 31st March.
PF Payments
The Provident Fund payment is due on the 15th of every month. The employer needs to deposit 12% or 10% of the employee’s wages in the PF account on or before the said date monthly. For most businesses, the Provident Fund rate of 12% is applicable.
UAN
The Employee Provident Fund has given rise to a Unified Portal to streamline and organize all the aspects of PF for the employers and employees both. Employees that have a newly allotted UAN are able to use the Unified Portal for several services.
Due dates for Filing Provident Fund Returns
- Monthly Challan remittance to Bank for PF: The 15th of every month
- Monthly PF returns: The 25th of every month
- Yearly returns: The 30th of April every year
ESI
What Is The Employees’ State Insurance(ESI)?
Employee State Insurance is a self-financed social security plan and health insurance scheme for Indian workers that offers them medical and disability benefits. It is governed by the ESI Act, 1948, and is regulated by the Employees’ State Insurance Corporation (ESIC) under the Ministry of Labour and Employment of India. The ESIC scheme is expected to handle its funds as per the rules and conditions set by the Act. An employer is required by law to pay an ESI return on a half-yearly basis, on the 11th of November for periods from April to September, and the 11th of March for October to March. Contact us to schedule regular return filings for your ESI scheme on time.