Those establishment which employs 20 or more persons and engaged in any of the 180 industries as notified by the government is required to get registered under The Employees Provident Funds and Miscellaneous Provisions Act (1952) and obtain EPF code number. However, voluntary registration available for lower strengths.
This is a fund created and managed by a Central Government Trust where employers and employees contribute specified amounts every month during the employment tenure of the employee.
The contribution to such fund is allowed as valid expense for employers. For employees the contribution is exempted for calculating taxable salary.
Compliance requirements includes preparation of EPF challan and monthly Contribution for the establishment, monthly filing of return, etc.
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