Employees Provident Fund is a means to help employees get a financial cushion when they grow old. Contribution to the fund is also a tax saving option for people working in government department, public or private sector. During the working life both employer and the employee contribute to the fund on monthly basis which can be used later on retirement. It is mandatory for all entities to get registered with Provident Fund Department within a month as the employees count reaches 20. Any delay may result in a penalty.
Any entity, be it a government office, public sector or private sector entity which has 20 or more employees needs to get registered with the PF Department. The application must be filed within one month of reaching the employee count of 20. Where the employer wishes to provide the provident fund benefit to his/her employees, he may voluntarily apply for registration.
You don't need to be present in person during any stage. The entire procedure will be carried out by our experts. You just need to upload the required documents on the ClearTax Encrypted Document vault and you will receive the registration on service fulfilment.
Usually the entire process takes a week’s time. Depending on the work load with government department the process might take longer time. Make sure that you keep the required documents ready so that we can complete the entire process in least time.
The limit of 20 includes all permanent, semi permanent and other contract employees like housekeeping, security or other contractual workers in the business.