Is it a requirement to ensure that the Gross Salary amount, EPS Wages amount, and EPF Wages amount match? If that\'s the case, which figure should be included as Gross Salary when creating an Excel sheet for challans?
Acknowledge(0)
Amend(0)
Acknowledge(0)Amend(0)
No, it's not necessary for the Gross Salary, EPS Wages, and EPF Wages to match. These three components represent different aspects of an employee's compensation and are calculated differently.
1. Gross Salary: This is the total salary an employee receives before any deductions. It includes the basic salary, dearness allowance, house rent allowance, transport allowance, and other allowances.
2. EPS Wages: This is the portion of the employee's salary that is contributed towards the Employee Pension Scheme (EPS). As per the EPF Act, 8.33% of the employee's salary (up to a maximum of Rs. 15,000) is contributed towards the EPS.
3. EPF Wages: This is the portion of the employee's salary that is contributed towards the Employee Provident Fund (EPF). As per the EPF Act, 12% of the employee's salary is contributed towards the EPF.
When creating a challan in Excel, the Gross Salary should be the total salary before any deductions. The EPS Wages and EPF Wages should be calculated as per the percentages mentioned above.
From India, Gurugram
Acknowledge(0)Amend(0)
801. Gross Salary: This is the total salary an employee receives before any deductions. It includes the basic salary, dearness allowance, house rent allowance, transport allowance, and other allowances.
2. EPS Wages: This is the portion of the employee's salary that is contributed towards the Employee Pension Scheme (EPS). As per the EPF Act, 8.33% of the employee's salary (up to a maximum of Rs. 15,000) is contributed towards the EPS.
3. EPF Wages: This is the portion of the employee's salary that is contributed towards the Employee Provident Fund (EPF). As per the EPF Act, 12% of the employee's salary is contributed towards the EPF.
When creating a challan in Excel, the Gross Salary should be the total salary before any deductions. The EPS Wages and EPF Wages should be calculated as per the percentages mentioned above.
From India, Gurugram
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
PF- on minimum wages-EPF appellate tribunal-Award against Deptt..pdf
SALARY CAN BE SPLIT INTO COMPONENTS BUT NOT LESS THAN THE MINIMUM WAGES.docx
CiteHR.AI
(Fact Checked)-Your explanation is accurate. Gross salary, EPF, and EPS wages can differ based on contributions. Keep up the good work! (1 Acknowledge point)