What we do
ESI/EPF Return Filing
Starts from ₹750/- per Month
ESI/EPF Return Filing
Every country wants to improve the lives of its people. In a highly populated country like India, this is a great challenge. Though predominantly an agriculture-based economy during independence, our visionary leaders recognized the need for simultaneous industrial development. This meant that a large workforce had to be generated and sustained. One major challenge faced by workers and their families was health.
Medical expenses, and costly treatment, were unaffordable. Hence, the Government of India set up a framework where the employee, employer and the Government would join hands and solve this problem. The concept of ESI was born.
What Does ESI Mean?
Employees State Insurance (ESI) is a social insurance created by the Government of India. It intends to help employees and their families on matters related to sickness, injury and even death.
Who Does ESI Cover?
ESI covers every eligible employee and family member. The coverage includes full medical care. ESIC also provides financial support to compensate for the loss of wages during work absence. Sickness, maternity, and injury during work are covered in the Scheme.
Who Is Eligible For ESI Coverage?
Every employee whose gross salary is ₹21,000 or below is eligible to be covered under ESI. It covers the employee’s family also. For disabled employees, the gross salary limit is ₹25,000.
The insurance coverage commences from the very day the employee joins the company.
Who Should Register With ESI?
Any firm that has 10 employees or more has to register with ESI. This is mandatory. However, a few States have set 20 employees as the lower limit. Firms in the following categories are covered by ESI:
Every factory that has 10 or more employees must register with ESI. Additionally, as per GOI issued under Section 1(5) of the ESI Act, the following categories are also covered under ESI:
- Shops & Establishments
- Cinemas and Theatres
- Cafes, Restaurants and Hotels
- Cargo and Logistics Firms
- Newspaper establishments
- Private educational institutions, irrespective of ownership
- Since 2015, construction labour is also covered under the ESI Scheme
Documentation Required
The following documents are to be submitted during registration with ESIC.
- Registration Certificate of the organization. (Shops and Establishments Act, Factories Act etc., as applicable).
- Partnership Deed, Memorandum and Articles of Association, Trust Deed as applicable.
- For Factories, factory registration and a Certificate of Commencement of Production are required.
- Full details of employees and their salaries.
- Full details of the Management – Owner, Partners, Directors, and Trustees.
- PAN Card and Address proof
- Bank Statement
Mandatory Records to be Maintained for ESI Return Filing
The following records must be maintained by every organization registered with ESIC.
- Attendance Register
- Wages Register
- Form-6 Register
- Accident Register
- Inspection Book
- File containing all monthly challans & returns submitted
Penalties For Failure to comply with ESI Return Filing
Failure to comply with ESI Return Filing is a serious offence. If an establishment fails to file the ESI Return, it will be fined up to ₹5,000 and liable for imprisonment, extending to 2 years. This is covered under Section 85 of the Employees State Insurance Act, 1948.
Even delay in ESI Return Filing is not accepted. In case of any delay, ESI is empowered to levy a penalty of 5% to 25%. Apart from this, ESIC will also charge interest at 12% for the delay period.
The following slab is followed for calculating the Rate of Damages:
Benefits of ESI
ESI benefits are described in detail in Section 46 of the Act. They are as follows:
1. Medical Benefits
This covers the medical treatment of the employee and family members. These are usually available at ESI Dispensaries, Outpatient Wards at ESI Hospitals, and approved Diagnostic Centers. It also includes special aids like artificial limbs, free lab tests, free medicines, free ambulances and so on.
2. Sickness Benefits
If an employee falls very sick and cannot attend work, the employee can avail of this benefit. This is available for a maximum of 91 days in a year. ESIC pays 70% of the wages during this period. However, the employee must have contributed at least 78 days in the previous 6 months to be eligible for this.
3. Temporary and Permanent Disablement
In the event of an injury to the employee, ESIC will support the employee by paying 90% of the wage till the employee recovers and is fit enough to work.
If the disablement is permanent, ESIC will pay, monthly, 90% of the wages to the employee.
If death occurs during work, ESIC will pay the family of the deceased 90% of the wages every month. Additionally, they will release an amount of ₹15,000 towards funeral expenses.
4. Maternity Benefits
Under this benefit, the woman employee is paid 100% of her wages for 26 weeks. This could be further extended on medical advice.
5. Additional Benefits
In addition to the above specific benefits, several other benefits are also provided by the ESIC. These come under Vocational Benefits and Rehabilitation Benefits.
For more details on ESI registration you can contact with our expert startup consultant and for any queries you can call us on the below mentioned contact details.
Email Id sales@etaxhub.in and Phone Number 9962903855
EPF (EMPLOYEE PROVIDENT FUND)
What Exactly Does the EPF Stand for?
The Employee Provident Fund, more often known simply as the EPF, is a retirement benefits program available to salaried individuals employed in the private sector. These people may participate in the EPF. The EPFO is in charge of administering the Employees Provident Fund (EPF). The Employees’ Provident Fund Organization, often known as EPFO, is responsible for every business or organisation in India that employs 20 or more people. The Employees Provident Fund Organization makes accessible to its members three distinct plan options.
Every worker who receives a basic pay of less than ₹15,000 per month must sign up for the Employees’ Provident Fund (EPF), also known as the Employees’ Pension Fund. If you have already joined the EPF system, you will no longer have the opportunity to quit the program once you have done so. An employee can contribute a more significant amount to the voluntary provident Fund, up to a limit equal to 100% of the employee’s regular salary. There won’t be any matching contribution from the company.
What Precisely Would You Stand to Gain by Using an EPF Calculator?
When you start using the PF maturity calculator in India, it will be simple to track exactly where your hard-earned money is kept and how much interest it has accrued since you started using it. Once you do this, you will be able to do a PF calculation online on how much you have earned on that money since you started using the calculator.
- Using an EPF interest calculator over the internet comes with many fascinating advantages detailed in the following list.
- You will no longer be needed to manually tally up the sum of your donations at every opportunity.
- The PF calculator online will provide correct results on every occurrence
- Even if there is a change in either the contribution ratios or the interest rates, you don’t need to worry about this matter.
- The user is not necessary to take any more action for the PF calculator India to take the change into account; it will do so automatically.
- Last but not least, whenever you use the EPF calculator online, you will instantly be alerted of any recent transactions or revisions, if there have been any.
- If there have been any, this notification will occur quickly. As soon as you check-in, you will be aware of any changes that may occur during the fiscal year due to recently approved legislation. This information will be sent to you immediately after you log in.
When you use an EPF calculator in India, you can do it with peace of mind knowing that the EPF calculator 2021 is highly calibrated and reliable. Make sure that you have all of these pieces of information on hand before you begin using the EPF maturity calculator.
- Your typical monthly wage, with the DA already deducted from it
- Your contribution to the Fund for the Retirement of Employees
- Your employer’s contribution
- Your retirement age
- Your current EPF balance
- The current rate of interest that the EPF is accumulating
How Can I Find Out What My Current Personal Finance Balance Is?
First, go to the official website for the EPF. Select the location of your Personal Financial Planning office, either by state or by regional branch, depending on your preference. When filling out the online form, you will need to include your personal information and the EPF account number, which can be found on your payslip. After ensuring that the given information is accurate, forward the form to the appropriate location. An SMS message with the amount of your EPF will be sent to the mobile phone number that you registered with if all of your records are accurate.
How to Check the EPF Account Balance Online?
You may see the current balance of your EPF account using the web portal. The process is straightforward, and employees do not have to wait until the end of the year for their employers to disclose the most recent amount contributed to their EPF account. You have access to the internet because you are either an employee or a member of the Employee Provident Fund.
Who is eligible to get EPF registration?
For Employer
PF Registration is mandatory for all the establishments-
- That has engaged 20 or more than 20 people.
- For any other establishment that has less than 20 people then the central government has to specify the same in the notification on the behalf.
For Employee
Employees drawing less than Rs.15000 per month need to mandatorily become members of the EPF. According to the guidelines, employees whose basic pay is more than Rs. 15000 a month at the time of joining are not required to make any PF contributions.
But an employee who is drawing pay of more than Rs.15,000 can still be a member and make contributions with the employer and the Assistant PF commissioner.
Documents Required for Registration
The employer has to attach the following documents with the registration form:
- PAN of the Partner, Proprietor, or the Director
- Address proof (can be any utility bill but should not be older than 2 months)
- Aadhaar card of Proprietor, Partner, or Director.
- Cancelled Cheque Or Bank Statement
- Digital Signature of the Proprietor/ Partner or Director.
- Hired/ Rented or Leased Agreement If there is any.
What is the benefit of EPF Registration?
- Employer contributes
- Financial support
- Carry forward
- Long term plans
- Reduces Risk
- One Account
- Employee Deposit Linked Insurance Scheme (EDLI)
- Retirement Savings
- Pension
ESI/EPF Registration with E-TAX HUB INDIA
- The legal expert of E-TAX HUB INDIA can process for the Registration with the ESI and Employee Provident Fund (EPF).
- Liaising with the regulatory authorities like the Employee Provident Fund Organisation (EPFO).
- Filing the Employee Details with the concerned authority.
- Securing the registration number of EPF.
- Legal Advice and other Consultant Services.
