PF Registrations Chennai

The provident fund is a benefits package for employees’ welfare. The employer and the employee commit to this plan; however, the employer is responsible for making the whole deposit. The employer subtracted the relevant sum from the employee’s salary. The interest from this investment will also be added to the employees’ accounts. The accrued sum is handed to the employee upon retirement if specific requirements are satisfied. This blog will discuss more about PF registrations Chennai, taking into account every detail.

Benefits to the Employer

Investing in this PF Registrations near Chennai has many advantages. Here is a list of them:

    • Bonding is established: since the employee and employer each contribute equally to the PF, which results in a respectful link between the two parties.

    • Tax Exemption: Employers contributing to the PF program are free from paying taxes under Section 80 C of the Income Tax Act.

    • Government Recognition: When an employer joins the PF program, they automatically become a member of the Employees Provident Fund Organisation, which gives prospective employees more confidence when applying to the company.

    • Government Contribution: If a non-government organization employs less than 100 people and 90% make less than Rs. 15,000 per year, the employer’s PF contribution is decreased from 12% to 10%.

Consequently, making PF has a lot of benefits.

Various Provident Funds

    • SPF, or statutory provident fund.

    • PPF, or public Provident fund RPF, or Recognized provident fund.

    • URPF, or Unrecognized provident fund.

    • Tamil Nadu’s PF.

PF registration near Chennai

Online PF registration near Chennai has been available for a few years to make it comfortable for businesses. The aspirant had to physically queue up to register their company to receive PF benefits for their employees. PF registrations Chennai is important for every organization because it relates to employee well-being.

Benifits of PF Registration Chennai

 

Documents Required

The list of paperwork needed for PF registrations Near Me is provided below:

    • Name of the business.

    • PAN for the business, scanned.

    • Scanned copies of the licenses that are offered under the company’s name.

    • GST Registration Document.

    • Scanned image of the company’s bank account cheque.

    • Address of the business with address documentation.

    • List of Partners and Directors.

    • Residence evidence for the company’s owner, directors, and partners.

    • Contact information for the company’s owner, including their phone number and email address.

    • The number of employees as of the company’s founding, monthly.

    • The current list of personnel, along with their information: Name, father’s name, joining date, birthdate, mobile number, and mailing address.

    • Photo Copy of First sale invoice.

Eligibility Criteria

The following criteria apply to PF eligibility:

    • If a firm employs more than 20 people, it is required to register with the PF registrations Chennai.

    • Businesses with at most 20 employees are not required to have PF registrations near Chennai.

    • Everybody earning less than Rs. 15,000 yearly must also join the PF.

    • It is an option for employees who make more than 15,000 rupees annually to continue in the EPF scheme.

    • Everyone who is paid a salary qualifies for the PF.

Amendments

PF registrations Near Me Rules were revised by the Tamil Nadu government 15-B, sub-rule (1), and they are as follows:

    • Provided that in no event may the max. amount of withdrawal for the purposes listed in rule 15-A exceeds Rs. 5,00,000.

    • Provided additionally, however, that in no event may the maximum withdrawal amount be for the purposes mentioned.

Conclusion

PF Registrations Chennai is a beneficiary fund for employees and their families for a healthy life and is suitable for employer employers’ relations for the organization’s growth. Tax advantages apply to EPFO payments as well.