EPF Registration in India

The purpose of Employee Provident Fund (EPF) is to provide the social benefits to employees. EPF is regulated by the Employees' Provident Fund Organization. This EPF scheme is defined under the Employees' Provident Funds and Miscellaneous Provision Act, 1952. If the strength of Employees in an organization is more than 20, then it is mandatory for an organization to acquire EIN No. You can also opt for voluntary EPF registration even if the strength of your organization is less than 20.

 Further, we will discuss the process of EPF registration, list of documents required for the registration and few facts regarding it.

What is the procedure of EPF registration?

Let's take a look at the steps to be followed for the EPF registration-

STEP1: EPFO Registration

The first step is to visit the website of EPF registration, where you need to click on the option "Establishment Registration" on the unified portal

STEP2: Do read User Manual

Before you register, it is recommended to download and read the instruction manual. You will get the Instruction manual by clicking on the link establishment registration.

STEP3: DSC Registration

For EPF registration, DSC registration has to be done in prior. If you are already registered, then you just need to put in your credentials such as Universal Account Number (UAN) and password.

STEP4: Filling the Employers' Details

Once you are done reading the Instruction manual, you just need to click on the register button. This will make you land on the next page, where you will be asked to provide the Employers' details. Please make sure to fill the details correctly.

List of Documents required for the EPF registration

There is a list of documents that need to be submitted at the time of EPF Registration. The List of Documents includes-

·         Copy of PAN Card of firm/ Company/ Society/ Trust

·         Copy of cancelled cheque

·         Partnership Deed, if you have a partnership firm

·         Certificate of Registration, if you have a proprietorship/ partnership/ Company/ LLP

·         Certificate of Incorporation, if you have a company/ society/ trust/ NGO

·         Copy of PAN cards of Directors/ Partner

·         Copy of Aadhar Card/ Voter Identity card of Director

Few Facts Regarding the Employee Provident Fund

1.       For Employees' Provident Fund, the contribution from both employee and employer is 12% each.

2.       It is mandatory for the people employed in the factories or establishments to contribute towards the Employment Provident Funds, irrespective of the wages and type of employment you are engaged in.

3.       Following are the employees who are not counted for coverage of a factory-

·         A proprietor or a partner

·         A contractor lending the services of his employee

·         An apprentice engaged under the Apprentice Act, 1961

·         Persons employed on contract for professional service legal, technical, tax consultants.

Hope, you have a basic understanding of EPF registration in India by now. For EPF registration or any information regarding this, please contact Enterslice.

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Easy Steps for MSME Registration

MSME stands for Micro, Small and Medium Enterprises. MSME registration is required for each and every micro, small and medium enterprises to get benefits of various incentives provided under the Micro, Small and Medium Enterprises Development Act (MSMED Act).

In this blog, we will briefly discuss about MSME registration. Here we will cover:

1.       What is MSME registration?

2.       Who can apply for MSME registration?

3.       Is it mandatory to obtain MSME registration?

4.       Benefits of MSME registration

5.       MSME registration Process

6.       Documents required for MSME registration

Let's start the journey!

Who can apply for MSME registration?

Any type of business entity can apply for MSME registration. List of the business entities who are entitled to apply for MSME registration is given below:

1)      Proprietorships

2)      Partnership firm

3)      One person company

4)      Limited liability partnership

5)      Private Limited Company

6)      Producer Company

7)      Any association of Persons

Is it mandatory to obtain MSME registration?

MSME registration is not mandatory until yet but it is advisable to obtain MSME registration because it provides a lot of benefits in terms of taxation, setting up the business, credit facilities, loans etc.

Benefits of MSME registration

There are numerous benefits of MSME registration and some are discussed below:

1)      Easy to get a bank loan - Once you obtain the MSME registration, then you can easily get a bank loan.

2)      Subsidy on Patent registration - Through MSME registration, a business entity and enterpriser can avail 50% subsidy on patent registration.

3)      Industrial promotion subsidy - Enterprise having MSME registration is eligible for Industrial promotion subsidy.

4)      Concession in electricity bills - Those who have MSME registration are entitled to get concessional benefit in respect of electricity bills.

5)      Protection against delay payments - By obtaining the MSME registration, any enterprise can get protection against delay payments. 

6)      Government Tenders - A MSME registered enterprise can be easily selected for a Government tender.

MSME registration Process

MSME registration can be done through online as well as through offline. The process of MSME registration is given below:

1) Visit the website - To obtain MSME registration, first of all, visit the website as prescribed by the government

2) Filling up Registration Form- After successful login, you have to select the register option and then need to fill up MSME registration form along with various documents like:

a)       Aadhar card number

b)      Validation of Aadhar

c)       Gender ID of the entrepreneur

d)      Name of the enterprise

e)       Type of your organization

1)      f)PAN

f)        Location of your plant

g)       Residential address

h)      Your previous registration details, if any

i)        Bank details

3) Submission of Form - After fill up the registration form you need to submit same.

4) Issuance of MSME Registration - Upon successful submission of the Registration Form and after proper verification of the Registration Form, the concerned authority will issue MSME registration certificate.

Documents required for MSME registration

List of the documents required for MSME Registration is listed below:

1)      PAN of the enterprise

2)      Bank details

3)      Aadhar card

4)      Proof of ownership of premises

5)      Copy of licenses and Bills of Machinery purchased

1.       6)Copies of Sale/Purchase bills

6)      Partnership deed

Conclusion

MSME acts as an engine which helps in the growth of the economy and promoting equitable developments. Enterslice provides world's best service in a matter of MSME registration. If you are planning to apply for MSME registration, then kindly contact the expert team of Enterslice to get best and affordable service.

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Income Tax Return Filing through an Expert

An Income tax return (ITR) is a form filed with the income tax authority which reports income, expenses, and other pertinent tax information. In this blog, we will discuss about Income tax return filing. Let's start the journey.

What is Income Tax Return (ITR) filing?

ITR is a simple form in which taxpayers declare their tax payments, deductions, and taxable income. An income tax return is a proof that you have paid your tax on time.  It is a way of informing the Government of India about your earning of income in a financial year. It is a yearly procedure which needs to be completed before 31st July of every year. The procedure of filing ITR is very well known as income tax filing. The total amount which needs to go to to the government as tax must be calculated before ITR filing.

Who is liable to file Income Tax Return?

List of the persons who are liable to file an income tax return is given below:

1.      The Income tax department of India has made it compulsory for  every individual whose annual income exceeds Rs 25000 and above is bound to file ITR

2.      Where a non-resident has income sources from India, then he/she is liable to file ITR.

3.      NRIs, sole proprietors, Companies, LLP, and partnership are required to file ITR

What are the advantages of Income Tax Return Filing?

There are numerous advantages of ITR filing and list of all those advantages is discussed below:

1.      Easily apply for loans - If you file ITR on time, then it will be easier for you to apply for a home loan and vehicle loan.

2.      Carry forward of capital losses - To carry forward capital loss, ITR filing is important.

3.      Income Tax refund - At the time of filing ITR, you can claim for income tax return.

4.      Visa Processing- ITR receipt is also very useful in Visa processing. If you are traveling abroad, foreign embassies and foreign authorities can ask for a copy of ITR filing of previous year especially at the time of Visa interview.

How to file Income tax return online?

For ITR filing, you have to visit the website as prescribed by the income tax department:

1.      Your PAN card is treated as your user id.

2.      After successful login, you have to select the option of Income Tax return Filing and need to choose the Financial year.

3.      The next step is to download the proper ITR form.

4.      After knowing the taxable amount, you have to pay tax and submit challans.

5.      Upon payment of tax, you need to select Submit option and your ITR will be uploaded also you will get ITR V Form.

6.      You can verify your return electronically by using Aadhar OTP or by sending a signed printout of the ITR V Form to the Income-tax department.

7.      Once your return is successfully uploaded, an acknowledgment of ITR V will be sent on your registered email address.

Documents required for Income tax return filing.

List of the documents required for ITR filing is given below:

1.      Abstracts of Bank statements

2.      Proof of investment, Form 16(Salary certificate issued by the employer)

3.      Form 16A/TDS certificate

4.      Copy of PAN card and Aadhar card

5.      Tax payment challans for self-tax assessment tax and advance tax paid by you.

Conclusion

Income Tax return allows and enables taxpayers to calculate their tax liability, schedule tax, payments or refunds for the overpayment of taxes.

Enterslice is an award-winning company in the matter of providing best and affordable services of Income Tax return filing. If you are planning to file ITR, then kindly contact Enterslice or any of its consultants.

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What are the options for NGO Registration?

NGO stands for Non-government organizations which are formed to support the underprivileged sections of the society and help in the management of different issues such as social, cultural, legal, and environmental, art, science etc. There is no intervention from government in the functioning of these NGOs. People voluntarily give their name to contribute to the functioning of the NGO. In this blog we will discuss about the NGO registration.

Topics covered under this blog:

a.       What are the types of NGO registration?

b.       What is the process of NGO registration in the form of trust?

c.       What is the process of NGO registration in the form of society?

d.       What is the process of NGO registration in the form of section 8 company?

What are the types of NGO registration?

In India, NGO registration can be done in three ways. The Indian Trusts Act, 1882, Society Registration Act, 1860 and companies Act, 2013 governs the NGO in the form of Trust, society and Section 8 Company respectively.

Further, we will look into the procedure of forming these NGOs-

What is the process of NGO registration in the form of trust?

For NGO registration in the form of trust you need to clarify the following-

1.       Purpose of creating a trust

2.       Idea behind the trust

3.       Beneficiary details

4.       Properties of the trust assigned by the assignee

Further below mentioned steps will be carried out for NGO registration:

·         STEP1: Naming an NGO

The first step is to come up with the name for your NGO

·         STEP2: List of members of the trust

You need to specify, who will be the settler, trustees (at least 2) and beneficiaries for your NGO.

·         STEP3: Memorandum of Association (MoA)

You have to frame a Memorandum of Association (MoA) and trust deed which must include all the key provisions and clauses. Trust deed is executed on the stamp paper that should be of value in accordance with the laws prescribed by the government.

·         STEP4: Submission of signed deed

All the trustees and settler has to sign the trust deed, and register it with the local registrar of the area, where the NGO will be functional.

What is the process of NGO registration in the form of society?

 There are certain steps that need to be followed for the NGO registration in the form of society-

·         STEP1: Naming the Society

The first step is to select the name for your NGO.

·         STEP2: Formation of Governing Body

You need to decide upon the governing body of the proposed trust.

·         STEP3: Memorandum of Association (MoA)

Then you are required to make the memorandum of Association and by-laws of the proposed society. It consists of all the rules and regulations in relation to the registration and operation of the Society.

·         STEP4: Submitting Documents

At last, you just need to submit the MoA (Memorandum of Association), documents regarding the rules and regulations of an NGO, and other registration documents.

You have to submit all these documents with the registrar of the state, where the proposed NGO will be operating.

What is the process of NGO registration in the form of section 8 company?

Below are the steps to be followed for the NGO registration in the form of section 8 company registration-

·         STEP1: Obtaining the Digital signatures

The first step is to obtain the digital signatures for all the proposed directors of the company. These digital signatures will be required to sign the application of incorporation and few other related documents.

·         STEP2: Naming the Section 8 Company

There is a RUN service available on the MCA portal, which you can use for the name approval of the NGO. You will be allowed to propose 2 names for the proposed Company.

·         STEP3: SPICE form

This is the main step under which incorporation application is filed in SPICE form along with the necessary documents like MoA (Memorandum of Association), AoA (Article of Association) of the company. If the proposed directors of the company do not posses DIN then they can directly apply for DIN (Director Identification Number) through SPICE form.

·         STEP4: Form INC-12

You need to submit an online application in Form INC-12 to the respective ROC to get the license issued.

·         STEP5: Formation of an NGO

After the proper inspection of the application of registration by ROC, License will be issued; along with the Company’s PAN&TAN number.

Hope you have a clearer picture regarding the NGO formation in India.

For more information please contact Enterslice.

Source url – https://entersliceindia.hatenablog.com/entry/what-are-the-options-for-ngo-registration

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