Compliances

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The Employees Provident
Funds and Miscellaneous Provisions Act, 1952

• You may know it as that annoying, elusive chunk
  of your monthly salary that you arent able to
  spend. So what is it, and where does it go?
• Employees Provident Fund (EPF) is a retirement
  benefit scheme thats available to all salaried
  employees. This fund is maintained and overseen
  by the Employees Provident Fund Organization of
  India (EPFO) and any company with over 20
  employees is required by law to register with the
  EPFO.
• Its a savings platform that helps employees save
  a fraction of their salary every month that can
  be used in the event that you are rendered unable
  to work, or upon retirement.
• When you start working, you and your employer
  both contribute 12 of your basic salary
  (plus dearness allowances, if any) into your EPF
  account .
• The employer contribution to your EPF is
  tax-free, and your contribution is tax-deductible
  under Section 80C of the Income Tax Act.

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RATES OF CONTRIBUTION(Provident Fund is
calculated from Basic Salary DA)
Scheme Employee's Contribution Employer's Contribution
Employee Provident Fund (EPF) - A/C 1 12 3.67
Employee Pension Scheme (EPS) - A/C 10 8.33
Administration Charges - A/C 2 0.85
Employee Deposit-Linked Insurance Scheme (EDLI) - A/C 21 0.50
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Employees State Insurance Act, 1948

• As the name suggests, it is basically an
  insurance scheme i.e. employee gets benefits if
  he is sick or disabled.
• Employees who are drawing wages upto Rs. 15,000
  per month come under the purview of the ESI Act
  1948 for multi dimensional social security
  benefits.
• The rates of contribution are-
• Employees Contribution 1.75 of wages
• Employers Contribution 4.75 of wages
• Various benefits that the insured employees and
  their dependents are entitled to are as follows
• Medical Benefits, Sickness Benefits, Maternity
  Benefits, Disablement Benefits
• Dependent Benefits, Other Benefits (like funeral
  expenses, vocational
• rehabilitation, free supply of physical aids etc

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Maharashtra Profession Tax Act, 1975

• The following states impose this levy in India -
  Karnataka, West Bengal, Andhra Pradesh,
  Maharashtra, Tamilnadu, Gujarat, and Madhya
  Pradesh. It is a source of revenue for the
  government.
• In Maharashtra, this duty is applicable both on
  individuals and companies as laid down by the
  guidelines of the Maharashtra Professional Tax
  Act of 1975. Every individual living in
  Maharashtra, involved in any business,
  profession, occupation or employment is legally
  responsible to pay it and has to get a
  Certificate of Enrolment from the Professional
  Authority.
• Exemptions
• Person suffering from permanent physical
  disability.
• Parents of mentally retarded child.
• Parents of a child suffering from a physical
  disability.
• Persons who have completed the age of 65 years.
• Central Government Employees.

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The Maharashtra Labour Welfare Fund Act, 1953

• Applicability
• Every employee, including employee through
  contractor, but not a managerial capacity or
  supervisor capacity drawing more than 3500/- pm.
• Contribution
• Contribution is to be deducted from the salary
  of employees twice in a year i.e. June December
  every year.
• Penalty
• The Employer has to maintain the entire record
  against the fund transaction failure to which
  there is a penalty. If the employer is not able
  to produce the records or documents stating
  details of the fund and employee details,
• The employer may get a three months term or Rs
  500/- fine or both.
• For subsequent offences, six months term or fine
  of Rs 1000/- or both.

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