Employees Provident Fund is a scheme for the Indian Employees that is controlled by the Provident Funds and Miscellaneous Provisions Act,1952. It is regulated under the umbrella of Employees Provident Fund Organization popularly known as EPFO.
Provident Fund registration is required to be obtained if the number of employees twenty and above. The employee is required to contribute 12 % of his Basic + DA Salary and an equal contribution is to be made by employer.
Where the salary exceeds Rs15,000 contribution can be restricted 12 % on Rs 15,000 and salary in excess of Rs 15,000 can be ignored for the purpose of the contribution. PF Contribution is required to be deposited by the 15th of the following month.
An employee drawing salary above 15,000 can opt-out of the scheme at the time of joining the organization if he was not covered for EPF in the earlier organization.
If an entity registered under company by default Ministry of corporate affairs will issue the ESI & EPF registration at the time of incorporation by submitting AGILE SPICE Forms through Online. Otherwise following documents required.
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