What Is EPF Registration?

The EPF, or Employees' Provident Fund, is a fund applicable to Indian employees regulated under the Provident Funds and Miscellaneous Provisions Act, 1952. Services Plus, as an EPF registration process for employers, provides all the documentation as a part of the Employees' Provident Fund Organization, or EPFO, as it is widely known.

In India, any establishment with 20 members or more can apply for EPF registration. According to certain conditions and exemptions, organizations with less than 20 employees may also be an EPF register. When retired or resigned, employees receive a lump sum consisting of their and their employer’s contributions with interest.

Benefits Of EPF Registration

• Risk Coverage: Provident fund offers vital coverage to both employees and dependents against retirement, sickness, or death through online EPF registration.
• Uniform Account: The PF account is characterized by uniformity or portability across jobs and establishments.
• Employee Pension Scheme (EPS): EPS is specifically offered to all PF account holders, where 8.33% of the employer's contribution (limited to employees with pay not exceeding Rs.15,000) is set aside for a monthly pension for employees over the age of 58.
• Long-Term Goals: The PF amount accumulated can be highly beneficial in fulfilling long-term goals like a wedding or higher studies.
• Emergency Requirements: Any sudden necessity like family functions, accidents, or illnesses that needs instant fiscal support can be fulfilled by the PF amount.

EPF Taxation Rules:

• Contribution of Employee (Section 80C):

The Contribution of the employee towards EPF is deductible under Section 80C but it is included in the overall limit of INR 1.5 lakhs.

• Employer's Contribution (perquisites& taxable):

There is an exemption on the employer's EPF contribution equal to up to 12% of the PF salary. But, whenever you apply for the EPF registration for employers from 1st April 2020 onwards, any contribution above INR 7.5 lakhs on the total of EPF, NPS, and superannuation will be taxable in the hand of an employee as perquisites under the head of 'Income from Salary.

• EPF Interest Tax (Limits Raised):

With effect from April 1, 2022, the interest earned on the employee EPF contribution up to INR 2.5 lakhs per annum is tax-free. There is also tax on any interest earned on contributions above INR 2.5 lakhs. This limit is raised to INR 5 lakhs in case the employer is not contributing to EPF.

• Taxable account:

The EPF is split into two accounts for tax purposes, one being within the limit of Rs 2.5 lakhs/5 lakhs and another being any excess contributions. Tax deducted at source (TDS) is levied on this interest paid for the taxable contribution.

• Taxation on Entire Excess Contribution Amount:

Apart from EPF registration for employer’s contribution, which is taxable, the excess contribution is also subject to tax in the hands of his employee.

• Rule 3B and Reporting:

A new rule, Rule 3B, will be used to calculate the interest, dividends, etc., on these excess contributions. They must reckon the tax to be withheld on such accruals and also report them in Form 16 and Form 12BA that must be issued to the employees.

• Tax on EPF Withdrawals:

No tax for withdrawals after 5 years of service.

Taxation on premature withdrawals:

1.  Employer’s Contribution and the Interest Accrued: Fully Taxable under ‘Income from Salary.
2.  Employees contribution: Taxable as a Sec 80C deduction
3. Interest on contributions made by employee: Taxable under the head ‘Income from Other Sources’.

RPFC charges a 10% TDS on withdrawals over INR 50,000 if you haven’t worked for at least 5 years.

Services Plus: To register successfully,  the employers are to submit the following documents for the Employees’ Provident Fund Organization (EPFO):

PAN Card

• PAN card of the owner, partner, or director of the business.
• It must be clearly readable and should be exactly the same as the name given in the registration form.

Documents To Prove Registered Office Address
Any one of the following:

• Electricity bill
• Water bill
• Telephone bill
• The “Best before” date of the document must not be older than 2 months from the registration date.

Aadhaar Card

• Proprietor, partner, or director Aadhaar.
• The name and details must correspond with other identity documents.

Business Establishment Proof
To apply for the online EPF registration, any one of the following documents:

• Registration of Shop & Establishment Certificate
• GST Certificate
• Any government-issued license of establishment
• Confirming the legal existence of the business
• Such a DSC form needs to be downloaded and duly filled.
• Digital Signature of Proprietor, Partner, or Director.
• The signature used by this mechanism must be registered and valid for online verification.

Bank Account Proof

• Copy of a cancelled check or a current bank statement for the entity.
• The business name, account number, and IFSC code should be visible in the bank document.

Rental/Lease Agreement (if relevant)

• A copy of the rental/lease agreement must be attached if the premises are rented.
• The deal is supposed to be good when the registration happens; this document is required for the PF registration.

Authorisation/Licensing Authority Certificate

• Wherever applicable, a license issued by the concerned regulatory authority.

Process For EPF Registration

Step 1: Registration of the company on the EPFO web portal

• Go to the official EPFO website-https://www.epfindia.gov.in.
• Select the ‘Establishment Registration’ tab to initiate the process.
• You are directed to the Unified Shram Suvidha Portal (USSP) registration page.

Step 2: Download and Read the User Manual

• Navigate to the Unified Shram Suvidha Portal and go to the registration page: https://registration.shramsuvidha.gov.in/user/register
• Download EPF Registration User Manual from portal.
• Make sure that you read the manual carefully to know about what is required to be compliant and avoid silly mistakes in the online EPF registration process.

Step 3: Register on the Unified Shram Suvidha Portal (USSP).

• On the home page of Unified Shram Suvidha Portal, click the ‘Sign Up’ button.
• Fill in the required details:
• Name of the employer who is providing the EPF registration process for the employer.
• Phone number (to verify OTP on mobile)
• Email ID (for communication)
• Create a secure password.
• Click on ‘Submit’ to register your account.
• Use your registered email ID and password to log into the portal.

Step 4: Completing the EPF Registration Form

• Once logged in, click the ‘Registration for EPFO-ESIC v1.1’ tab on the left panel.
• Now you have to click on ‘Apply for New Registration’ on the right side for the EPF registration for employers.
• Select the appropriate act:
• (For EPFO registration) “Employees' Provident Fund and Miscellaneous Provisions Act, 1952.
• Click ‘Submit’ to proceed.
• Fill in the EPFO Registration Form by filling in:
• Establishment: Name, type, and address of the establishment
• Staffing information: Employees and wages.
• Branch/Division Information: If applicable.
• Contact Person Information: Name, mobile number, and email.
• Business Activity and Identifiers: To choose the type of that business, then you can enter the business registration details such as GST number, CIN, etc.

Step 5: Upload Required Documents.

Documents required for the PF registration attach the below:

•  PAN of Proprietor/Partner/Director
• Aadhaar Card of the Proprietor/Partner/Director
•  Utility Bill (not older than 2 months) as Address Proof of Place of Business (Electricity Bill, Water Bill, or Telephone Bill)
• Proof of Business Registration: Shop & Establishment Certificate / GST Certificate /Government Licensed
•  Bank Details: Cancelled cheque or bank statement of business entity
•  Lease/Rental Agreement (if verbatim)
•  Employer DSC (Digital Signature Certificate)

Step 6: Digital Signature Certificate (DSC) Upload

• The Digital Signature Certificate (DSC) of the employer, proprietor, partner, or director shall be attached.
• Validate DSC and register for e-authentication.
• After successful submission, the Unified Shram Suvidha Portal would verify all entered information and uploaded documents.
• Once verified, you will be issued an EPF Registration Certificate and Universal Account Number (UAN).
• You will get a confirmation email for the success of registration.

EPF registration due date or compliance

• Compulsory Registration: Any establishment having 20 or more employees shall be made online for EPF registration under EPFO.