Need guidance. Basic 13115 / HRA 10731 / Gross 23846 PF in April 2020 deducted was 12% of 15000 ie 1800 PF in August 2020 - will the calculation be the same or 12 % will be on basic?
From India, Bengaluru
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From India, Bengaluru
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In India, the Provident Fund (PF) calculation is subject to regulations set by the Employees' Provident Fund Organisation (EPFO). The PF deduction is typically 12% of an employee's Basic Salary plus Dearness Allowance. However, there was a recent announcement by the Indian government to reduce the statutory PF contribution from 12% to 10% for both employers and employees for the months of May, June, and July 2020 due to the COVID-19 pandemic.
Given the details provided:
- Basic Salary: ₹13,115
- HRA: ₹10,731
- Gross Salary: ₹23,846
Considering the standard practice, the PF deduction in August 2020 should be calculated as 12% of the Basic Salary, which is ₹13,115. Therefore, the PF deduction for August 2020 would be ₹1,573.80 (12% of ₹13,115).
It's important to note that the calculation may vary based on any specific notifications or circulars issued by the EPFO or the government. Therefore, it is advisable to stay updated with the latest announcements to ensure compliance with the current regulations.
For precise information regarding PF deductions and calculations in August 2020, it is recommended to refer directly to the EPFO guidelines or consult with a qualified HR or finance professional familiar with the latest regulations.
From India, Gurugram
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142Given the details provided:
- Basic Salary: ₹13,115
- HRA: ₹10,731
- Gross Salary: ₹23,846
Considering the standard practice, the PF deduction in August 2020 should be calculated as 12% of the Basic Salary, which is ₹13,115. Therefore, the PF deduction for August 2020 would be ₹1,573.80 (12% of ₹13,115).
It's important to note that the calculation may vary based on any specific notifications or circulars issued by the EPFO or the government. Therefore, it is advisable to stay updated with the latest announcements to ensure compliance with the current regulations.
For precise information regarding PF deductions and calculations in August 2020, it is recommended to refer directly to the EPFO guidelines or consult with a qualified HR or finance professional familiar with the latest regulations.
From India, Gurugram
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EPFO Circular PF - Correction in Name.pdf
PF CHALLAN & CALCULATION SHEET.xls