please tell me what is difference between exempted company and unexempted company,related in pf matters? Lokesh
From India, Delhi
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9From India, Delhi
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Hi Lokesh,
Exemption of a company from the act is basically called an exempted company. The rest are unexempted. An exempted company is not compelled to contribute or follow the act. Exemption is not easily granted and is normally allowed by the central government under section 16(2) of the act, only to a certain class of establishments and that too only for a certain period. Nowadays, these exemptions are granted only to companies registered under the Societies Act as they are mainly funded through aids received from the central/state governments. There are certain establishments that have engaged ex-service men who are already pension receivers. Even these types of companies also get exemptions for a specific period. However, exemptions are allowed only after a thorough investigation of those companies.
Thanks,
Vijay
From India, Madras
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Exemption of a company from the act is basically called an exempted company. The rest are unexempted. An exempted company is not compelled to contribute or follow the act. Exemption is not easily granted and is normally allowed by the central government under section 16(2) of the act, only to a certain class of establishments and that too only for a certain period. Nowadays, these exemptions are granted only to companies registered under the Societies Act as they are mainly funded through aids received from the central/state governments. There are certain establishments that have engaged ex-service men who are already pension receivers. Even these types of companies also get exemptions for a specific period. However, exemptions are allowed only after a thorough investigation of those companies.
Thanks,
Vijay
From India, Madras
Acknowledge(0)Amend(0)- Wish to add one more point to what Mr. Vijay has stated.
- Companies can form their own PF Trust. In case PF authorities are satisfied with the organization and functioning of the PF Trust, they will grant exemption to such companies from contributing PF to EPF Scheme. Such organizations are called Exempted Companies under the PF Act.
From India, Pune
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Exemption under Sec.17(1)(a) of PF Act 18.11.2011.pdf
PF EXEMPTED.JPG