Providend Fund Registration

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Overview

✔ The Provident Fund (PF) is a government-initiated savings scheme designed to provide financial support to employees in India during retirement, periods of unemployment, or unforeseen financial needs.

✔ Registering for PF is a mandatory and pretty simple process for businesses, requiring contributions from both the employer and employee based on a percentage of the employee’s salary.

✔ Employers are obligated to register their organization and employees under the PF scheme and ensure timely deposits into the fund on behalf of their staff.

✔ Employees may also opt to make additional voluntary contributions, and withdrawals from the PF account are allowed after completing a minimum service period or under specific financial emergencies.

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Features of Provident Fund

Mandatory Registration

Companies with more than 20 employees must register for the Provident Fund (PF) scheme and contribute to their employees’ PF accounts.

Employee and Employer Contributions

Both the employee and employer contribute 12% of the employee’s salary (basic + DA) to the PF account.

Interest on Contributions

The PF account earns interest on the combined contributions made by both employee and employer.

Tax Benefits

Employee contributions to PF are eligible for tax deductions under Section 80C of the Income Tax Act.

Withdrawal Rules

Employees can withdraw their PF balance:
● After completing a minimum of 5 years of service, or
● In specific cases such as medical emergencies, home purchase, or financial hardship.

Portability

The PF account is portable, allowing employees to transfer it when changing jobs, thus maintaining continuity and helping accumulate long-term savings.

Documents Required

Required in Soft Copy Only

Documents for Applicant

PAN Card of Business & Authorised Signatory
Certificate of Incorporation
Specimen Signature
Cancelled Cheque of Applicant
Address of All Directors/ Partners/Authorised Signatory
Digital Signature of Class-2 of Signing person
Employee Declaration

Required in Soft Copy

Business Address Proof

Address Proof (Owned) [Sale Deed ( Ownership Documents), Electricity Bill / Propert Tax]
Address Proof (Rented) (i) [Rent Agreement , Electricity bill, NOC from Owner of the premises]