An Employee is getting the benefit under the Employees Provident Fund scheme if an organization is registered as member in EPO with aim to encourage the savings among the employees. Employee Provident Fund is a Social security system for employees in India. Employees contribute the 12% of salary ( Maximum Rs.15000) whereas employer also deposit of 8.33% & 3.67% for Employees Provident Fund (EPF), Employee Pension scheme (EPS) respectively deposited by monthly. Every Employer should understand the responsibility of filing that the monthly return to be filed before the due date ie 25th succeeding month with payment of contribution of them. ClearFilings wish to sharing the information about what are all the Forms to maintain by Employers and the impact on non-filing Forms. Employee can avail benefit of withdrawn money, interest on deposits to meet the marriage, construction house etc using the Form 20. An employee has lost his / her life during the work, the surviving family gets a insurance coverage upto Rs.6 Lakhs under EDLI Scheme and monthly pension under the EPS Scheme
The main advantage of owning a Private Limited Company is that the Liability of the shareholder limited to share held in the company.
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