Employee State Insurance (ESI) Return Filing
ESI is a social security and health insurance scheme for employees maintained by an employer on monthly basis.
Digital Filings can help you in…:
Arranging Information and Documents
Filing returns before the due date
Assisting employers to avoid penalties
Updating ESI records
Understanding ESI Return Filing
ESI is a self financing scheme introduced by the Employees State Insurance Corporation (ESIC) that operates under Ministry of Labor and Employment. The scheme aims to provide social security to employees with low income (below INR 15,000 per Month). As per the guidelines under the ESI Act of 1948, an employee is provided with several monetary and medical benefits, such as coverage of sickness expenses, maternity expenses, surgery expenses, disability benefits, and various others. The ESIC or the Corporation holds a large network of hospitals and dispensaries across the entire nation for providing these medical facilities to the employees insured under the scheme.
An Employer or a Business Owner is obliged to register its entity under the ESI Act, within 15 days of employing more than ten employees. The Act instructs the employers or businesses to deposit 6.25% of their employees’ income (that is inclusive of 4.75% of the employer’s and 1.75% of the employee’s contribution) by 21st of each month. This can be done through correctly filing the prescribed challans with the authorized banker of the entity. The details regarding contribution made by the company is to be submitted to the nearest ESI branch once in every six months through filling Form-5. The other system generated challans are also need to be attached while filing ESI returns.
Key-Elements of MSME Registration
The ESI amount is obligatory to be deposited by the employers every month, while their contribution (which is 4.75%) needs to be submitted to the nearest ESI Branch in every six months. Any alterations in the company, such as business objective, registered office, employees’ records, and other details are to be duly updated while filing the annual ESI returns.
ESI is a social security scheme ensuring several benefits to the insured employees. The benefits include certain monetary aids like paid sick leaves and medical as well as healthcare support. The Corporation manages a large network of registered hospitals and dispensaries across India to provide instant healthcare facilities to the insured employees.
The ESI Act Directs employers and business to deposit their monthly ESI contributions through prescribed challans at the authorized Banks by the Corporation on or by 21st of every month. Any delay in depositing the specified ESI funds can lead to severe penalties, including an interest charge of 12% per annum, charged daily from the date of default.
Under the ESI Act, employers are made responsible to contribute towards the ESI scheme for their employees getting a monthly salary of less than INR 15,000/-. In total 6.25% of the monthly salary is what employers deposit for each of the employee towards their respective ESI accounts. The percentage comprises 4.75% contribution of the employer and the rest 1.75% is deducted from the employee’s salary.
Required Documentation Chart
Documents to be Regularly Maintained for Filing ESI Returns
- Employees register
- Attendance register
- Register for Form 6
- Wage Register
- Register of any accidents on the premises
- Inspection book
- Monthly challans
- Previous returns submitted for ESI
We are Glad to Help!
Though Filing ESI Returns seem to be am easy task, however, it gets complicated when businesses are obliged to be compliant with numerous complex guidelines as defined under the ESI Act.
Not to Worry!
Expert Partners @ Digital Filings can proficiently assist businesses to ensure their ESI Returns are correctly calculated and timely filed.
- ESI Return Filing for Businesses having less than 30 Employees.
- (Above price includes all taxes and relevant government fees.)
- ESI Return Filing for Businesses having less than 50 Employees. (Above price includes all taxes and relevant government fees.)
- ESI Return Filing for Businesses having less than 80 Employees. (Above price includes all taxes and relevant government fees.)
How we Do It…
Entities registered under ESI Act are obliged to make the monthly ESI contribution and also need to duly file their ESI returns in every six months. Team @ Digital Filings can efficiently assist businesses in completing their ESI return formalities by the due date.
Accumulating those Critical Details
A number of documents including unique 17-digit ESI number (issued to the businesses registered with the ESIC), attendance register, inspection book, monthly challans, and other relevant information are required for filing ESI returns. The compiled information is used to fill up the prescribed forms and application is duly drafted as per the set guidelines.
These Approvals are Must
On basis of the provided information and challans, Team @ Digital Filings will assist business owners in computing the applicable funds to be deposited for ESI return. The calculated amount will then be shared with applicant’s finance department for verification purposes. Post attaining thumbs up from the entity’s side, the application will further be moved to the Corporation.
Here you Go!
Once the finance team approves the application, document, and the calculated funds, the Partners @ Digital Filings will submit the file to the regional ESI commissioner before the due date to safeguard the businesses from any penalties and / or interest payments.
Our Patrons’ Speak
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“Thank you Digital Filings for all your professional and timely support in getting my company registered.”
– Sachin Gupta
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“Thank you for simplifying the so complicated filing and documentation and getting my business smoothly registered.”
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