I perform the following two activities manually for challans, so please let me know what formula should be used for PF pension fund.
8.33% of the basic <=6500 is 541. If >=6500, then 541. What is the correct formula to input in a cell so that when the PF salary is more than (a) 6500, only 541 is taken as 8.33%?
(B) The employer's PF salary contribution limit should not be higher than 6500. Therefore, I need a formula to ensure that if the employee's salary is higher than 6500, only 6500 should be considered.
Thank you.
From India, Ahmadabad
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768.33% of the basic <=6500 is 541. If >=6500, then 541. What is the correct formula to input in a cell so that when the PF salary is more than (a) 6500, only 541 is taken as 8.33%?
(B) The employer's PF salary contribution limit should not be higher than 6500. Therefore, I need a formula to ensure that if the employee's salary is higher than 6500, only 6500 should be considered.
Thank you.
From India, Ahmadabad
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What is the correct formula to put in a cell so that when PF salary is more than 6500, then only 8.33% is taken, which amounts to 541 only. The formula will be:
`=IF(basic<=6500, 8.33%*basic, 541)`
Note: In place of 'basic,' you have to put the cell value of the basic salary.
PF salary contribution from the employer should not exceed the limit of 6500. Therefore, I need a formula that ensures if the employee's salary is higher than 6500, only 6500 is considered. To achieve this, use the following formula in the PF contribution cell:
`=IF(basic<=6500, 12%*basic, 780)`
Hence, the maximum value counted will be 6500 at Rs. 780, regardless of whether the basic salary is higher than 6500. I hope this is clear to you.
From India, Delhi
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`=IF(basic<=6500, 8.33%*basic, 541)`
Note: In place of 'basic,' you have to put the cell value of the basic salary.
PF salary contribution from the employer should not exceed the limit of 6500. Therefore, I need a formula that ensures if the employee's salary is higher than 6500, only 6500 is considered. To achieve this, use the following formula in the PF contribution cell:
`=IF(basic<=6500, 12%*basic, 780)`
Hence, the maximum value counted will be 6500 at Rs. 780, regardless of whether the basic salary is higher than 6500. I hope this is clear to you.
From India, Delhi
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Antima,
I applied your formula with my own modification and found it as I wanted. I have used:
=IF(G6<=6500*8.33%*G6,541)
6500 is for PF salary, 8.33% contribution from the employer's side, rest adjusts to 3.67%.
And for (B), I wanted to know if the salary for PF is more than 6500, then it takes 6500 only (for the employer's PF salary limit to pay PF contribution 3.67% and 8.33%):
=IF(J36<=6500,J36,6500)
Thank you. By the way, what's the meaning of your name, Antima?
From India, Ahmadabad
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I applied your formula with my own modification and found it as I wanted. I have used:
=IF(G6<=6500*8.33%*G6,541)
6500 is for PF salary, 8.33% contribution from the employer's side, rest adjusts to 3.67%.
And for (B), I wanted to know if the salary for PF is more than 6500, then it takes 6500 only (for the employer's PF salary limit to pay PF contribution 3.67% and 8.33%):
=IF(J36<=6500,J36,6500)
Thank you. By the way, what's the meaning of your name, Antima?
From India, Ahmadabad
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Salary Sheet & PF PT Calculation & Challan Nov 2010.xls