EPF and ESIC Compliances are essential reporting formalities that every eligible entity must fulfill to ensure legal compliance. These include various declarations such as employee records, contribution details, nominations, and more, which must be submitted to the regulatory department on time. Don’t view it as an additional burden; instead, consider it a crucial aspect of maintaining legal security.
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Annual EPF and ESIC Compliances
Annual EPF and ESIC Compliances are essential for providing post-retirement and emergency financial security, as well as health protection for employees relying on their salaries to meet their needs. Employers with a workforce exceeding a threshold limit are required to incorporate EPF and ESIC in their commercial units. Upon enrolling in these schemes, employers must fulfill certain mandatory reporting obligations annually to maintain legal compliance.
To clarify, let’s outline the primary criteria that employers need to meet for EPF and ESIC registration and inclusion in their annual compliances.
ESIC:
So, any commercial unit fulfilling such conditions is eligible of EPF and ESIC annual compliances per FY as discussed in this article.
EPF and ESIC Compliances After Registration
Once a commercial unit obtains EPF/ESIC registration, the employer should fulfill the following responsibilities and keep the records updated through the official web portal of the respective schemes:
Annual PF and ESIC Compliances per FY
For EPF:
For ESIC:
Note: Employees are to file and submit certain forms, such as withdrawal, declaration, termination, transfer, etc., based on specific circumstances. They should be given proper assistance from the employer/concerned zonal office.
Restrictions under IT Act: If the violation of non-payment of EPF/ESIC contribution comes under the offense under Income Tax Act, the concerned unit may by disallowed from any more deposit in PF/ESI Account and thus cannot get the deduction benefits of the corresponding schemes.
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